Goldman Sachs Downgrades Sunoco (SUN) To Conviction Sell; Upgrades Tesoro (TSO) to Neutral
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Goldman Sachs made a number of rating changes in the Refining sector.
The firm downgraded Sunoco (NYSE: SUN) to Sell and added it to their Conviction Sell List, saying it is structurally challenged. The firm upgraded Tesoro (NYSE: TSO) to Neutral from Sell, saying it has done surprisingly well this downturn.
In the sector, Holly (NYSE: HOC) is their favorite. They rate that stock a Buy with a $44 price target.
Sunoco and Valero (NYSE: VLO) are their least favorites. They rate both Sell, with price targets of $25 and $16 respectively.
CVR Energy (NYSE: CVI), Frontier Oil (NYSE: FTO), Western Refining (NYSE: WNR) and Tesoro are all rated Neutral.
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