Wells Fargo Starts Western Refining (WNR) at Outperform

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Wells Fargo initiated coverage on Western Refining (NYSE: WNR) with an Outperform rating and a $27-$29 valuation range.

The firm said it likes Western Refining given "exposure to price-advantaged light/sweet crude feedstock and opportunity to sell refined products into the premium-priced Southwest retail markets. Simply stated, WNR has a geographic advantage over its West Coast competitors." Wells Fargo said the company has a "highly likely" chance to "utilize price-advantaged crudes and lower per-barrel operating costs to expand market share against higher-cost-laden West Coast refiners."

For an analyst ratings summary and ratings history on Western Refining click here. For more ratings news on Western Refining click here.

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