Wells Fargo Downgrades HollyFrontier (HFC) to Market Perform

Wells Fargo downgraded HollyFrontier (NYSE: HFC) from Outperform to Market Perform and moves its valuation range from $54-56 to $58-60.

"We are downgrading our ratings to Market Perform from Outperform for HollyFrontier and Delek in spite of raising our valuation ranges. We remain positive on the U.S. refining sector overall as we believe that the rapid production growth from the various shale plays will continue to outstrip transportation and logistics capacity additions and support enhanced crack spreads."

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 $56.32 yesterday.

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