Credit Suisse Upgrades CVR Energy (CVI) to Neutral

December 6, 2021 4:07 PM EST
Get Alerts CVI Hot Sheet
Price: $20.39 -6.34%

Rating Summary:
    2 Buy, 7 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 34 | New: 45
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Credit Suisse analyst Manav Gupta upgraded CVR Energy (NYSE: CVI) from Underperform to Neutral with a price target of $21.00 (from $20.00).

The analyst comments "Our bear thesis on CVI has now largely occurred. At the time, we downgraded CVI, the stock it was trading ~10% above our price target of $20/shr, creating absolute downside in the name vs. relative upside in other refining names. CVI is down almost 25% from its recent highs and based on our revised PT of $21, we now see ~30% upside in the name. As a result, we upgrading the stock to Neutral from Underperform given higher fertilizer pricing and lower RIN prices (higher capture) driving positive earnings revisions in this name for 2022. CVI is led by a very capable management team and CEO David Lamp has an excellent track record of execution."

For an analyst ratings summary and ratings history on CVR Energy click here. For more ratings news on CVR Energy click here.

Shares of CVR Energy closed at $15.91 yesterday.

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