Soleil Securities Initiates Western Refining (WNR) with a Sell
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Soleil Securities initiates coverage on Western Refining (NYSE: WNR) with a Sell rating and an $8 price target.
The firm said, "Despite an almost 80% drop in the stock price from its 7/07 highs (vs. about a 10% drop in the S&P 500), we believe there is further downside risk given the stock trading at a significant premium to its peers on '08 and '09 EV/EBITDA, a high level of regulatory and maintenance capital expenditures on the horizon, and the likelihood that a debt covenant will be broken at the end of 2Q08."
Western Refining, Inc., through its subsidiaries, operates as an independent crude oil refiner and marketer of refined products.
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