Delek US (DK) PT Lowered to $25 at Mizuho

Mizuho analyst Nitin Kumar lowered the price target on Delek US (NYSE: DK) to $25.00 (from $27.00) while maintaining a Underperform rating.

The analyst commented: "We expect significant EBITDA/FCF/EPS misses vs. consensus from DK compared to current consensus, driven primarily by lower benchmark crack spreads and weak captures rates, partly offset by higher throughput rates (utilization at ‾97% vs 91% in 1Q24 and ‾93% in 2Q23), continued commercial and cost-cutting efforts, and lower losses in supply and marketing. Reiterate Underperform rating and lower our NAV-based PT to $25/share."

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