UPDATE: JPMorgan Downgrades Holly Energy Partners (HEP) to Neutral
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JPMorgan analyst Jeremy Tonet downgraded Holly Energy Partners (NYSE: HEP) from Overweight to Neutral with a price target of $21.00 (from $19.00).
The analyst comments "HEP: value proposition intact but moving to sidelines following run, downgrade to N. We continue to believe HEP possesses strong fundamentals with healthy FCF generation and clear visibility to delevering to its 3.0-3.5x target. Furthermore, HEP possesses highly stable cash flows with ~76% of 2020 revenue backed by MVC that possess limited contract expirations over the next few years. However, following YTD outperformance (49% total return vs 29% for AMZ), we now see more compelling opportunities elsewhere in our coverage."
Shares of Holly Energy Partners closed at $20.63 yesterday.
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