Dahlman Rose Starts DK, TSO, VLO, HFC, MPC at Buy, WNR, ALJ at Hold

Dahlman Rose's Sam Margolin initiated coverage on the US Independent Refining sector Friday morning. The analyst said, "While the deep capacity rationalization expected for 2012 is likely to be put on hold, the North American upstream renaissance continues to provide beneficial effects, setting up for a potential long-term advantage."

Margolin started coverage on the following stocks:

• Delek (NYSE: DK) with a Buy rating and $20 price target
  
• Tesoro (NYSE: TSO) with a Buy rating and $33 price target
  
• Valero (NYSE: VLO) with a Buy rating and $32 price target
  
• HollyFrontier (NYSE: HFC) with a Buy rating and $40 price target
  
• Marathon Petroleum (NYSE: MPC) with a Buy rating and $55 price target
  
• Western Refining (NYSE: WNR) with a Hold rating
  
• Alon USA Energy (NYSE: ALJ) with a Hold rating

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