Cowen Upgrades Par Petroleum (PARR) to Outperform
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Cowen analyst Jason Gabelman upgraded Par Petroleum (NYSE: PARR) from Market Perform to Outperform with a price target of $21.00 (from $13.00).
The analyst comments "PARR's lower opex and limited capex in 2021-2023 provides a peer-leading cost structure that should help deliver FCF to delever the balance sheet. The recent sale-leaseback derisks a potential liquidity crunch in 1H21. Upside to our PT could come from higher Larmie valuation and/or full benefit from new HI contracts."
Shares of Par Petroleum closed at $17.54 yesterday.
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