Wells Fargo Upgrades HollyFrontier (HFC) to Outperform, Higher Crack Spreads

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Wells Fargo upgraded HollyFrontier (NYSE: HFC) from Market Perform to Outperform and raised its valuation range from $43-45 to $47-50.

The firm raised refining expectations on an 8-18% increase in crack spreads. "The crack spread increase was almost entirely due to larger crude differentials than in our prior estimates," the firm said.

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 $39.75 yesterday, with a 52 week range of $21.13-$40.97.

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