Goldman Sachs Upgrades HollyFrontier (HFC) to Conviction Buy, Cites Best-in-Class Assets
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Price: $48.81 -2.16%
Rating Summary:
11 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Rating Summary:
11 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Trade HFC Now!
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.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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misleading price reported
T. William Schmidt on Feb 14, 2012 01:07 PMMark as Spam | Reply to this comment
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