Goldman Sachs Upgrades HollyFrontier (HFC) to Conviction Buy, Cites Best-in-Class Assets
HFC Hot Sheet
Rating Summary:7 Buy, 5 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 22 | Down: 8 | New: 36
Goldman Sachs upgraded HollyFrontier (NYSE: HFC) to Conviction Buy with a price target of $49 (from $36), suggesting 47% upside.
The firm cites: (1) our constructive Mid-Continent refining view and a best-in-class, "pure-play" Mid-Continent asset base, (2) a more diverse Cushing/North of Cushing footprint that we believe benefits from scale, synergies, and greater potential to return robust free cash flow to shareholders, (3) management’s commitment to returning excess cash to shareholders, (4) superior capital project and re-investment opportunities, e.g., similar to its recently announced expansion opportunity at Woods Cross, and (5) Holly's track record of making astute acquisitions.
The firm raised FY11 EPS form $6.58 to $6.65, FY12 from $4.60 to $5.30 and FY13 from $3.70 to $4.05.
For an analyst ratings summary and ratings history on HollyFrontier click here. For more ratings news on HollyFrontier click here.
Shares of HollyFrontier closed at $32.52 yesterday, with a 52 week range of $21.13-$77.80.
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The firm cites: (1) our constructive Mid-Continent refining view and a best-in-class, "pure-play" Mid-Continent asset base, (2) a more diverse Cushing/North of Cushing footprint that we believe benefits from scale, synergies, and greater potential to return robust free cash flow to shareholders, (3) management’s commitment to returning excess cash to shareholders, (4) superior capital project and re-investment opportunities, e.g., similar to its recently announced expansion opportunity at Woods Cross, and (5) Holly's track record of making astute acquisitions.
The firm raised FY11 EPS form $6.58 to $6.65, FY12 from $4.60 to $5.30 and FY13 from $3.70 to $4.05.
For an analyst ratings summary and ratings history on HollyFrontier click here. For more ratings news on HollyFrontier click here.
Shares of HollyFrontier closed at $32.52 yesterday, with a 52 week range of $21.13-$77.80.
Discover Wall Street's best ratings calls with the pros - Ratings Insider Elite. Free Trial!
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misleading price reported
T. William Schmidt on Feb 14, 2012 01:07 PMMark as Spam
No, no, no. Your error is very misleading. To report HFC 52-week high as 77.80 is bogus, since this is not split-adjusted. You lose credibility when you do this.
t.william.schmidt@gmail.com