Soleil Securities Maintains a 'Hold' on Western Refining (WNR); Lowers Price Target & Estimates
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Soleil Securities maintains a 'Hold' on Western Refining (NYSE: WNR), lowers price target from $12 to $10.
Soleil analyst says, "Last Friday, Western completed the restructuring of its balance sheet, issuing a significant amount of debt and equity. Due to sector weakness last week (caused in part by multiple refiners raising capital), Western did not receive terms that were as favorable for its debt and it issued more equity (at a lower price) than our prior expectations. Lowering our EPS estimates for 2009 (from $1.20 to $1.10) and 2010 (from $1.20 to $1.00) and decreasing our discounted free cash flow-derived price target from $12 to $10."
To see more analyst ratings on WNR Click Here.
Western Refining, Inc. (Western Refining) is an independent crude oil refiner and marketer of refined products, and also operates service stations and convenience stores.
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