UPDATE: Wells Fargo Upgrades Calumet Specialty Products Partners (CLMT) to Overweight

March 24, 2021 2:59 AM EDT
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Price: $6.37 -2.9%

Rating Summary:
    1 Buy, 12 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 11 | New: 8
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(Updated - March 24, 2021 7:24 AM EDT)

Wells Fargo analyst Roger Read upgraded Calumet Specialty Products Partners (NASDAQ: CLMT) from Equal Weight to Overweight with a price target of $8.00, up from $4.00 after incorporating a base-case view of the company's proposed renewable diesel (RD) transition.

The analyst stated "This transition, if executed adroitly, should allow CLMT to accelerate debt reduction, shift the company into high-growth/high-margin renewable fuels and shrink its conventional fuels ops. Essentially CLMT will transition to a greater focus on high-value added (and higher multiple) specialty/chemicals and RD businesses while shrinking exposure to lower-value added conventional fuels. We have updated our EPU estimates to account for the Q1 2021 and full year guidance and the reduced interest expense from the accelerated debt repayment.Our new/old 2021 and 2022 EPU estimates are -$0.16/-$0.36 and $0.01/-$0.20,respectively."

For an analyst ratings summary and ratings history on Calumet Specialty Products Partners click here. For more ratings news on Calumet Specialty Products Partners click here.

Shares of Calumet Specialty Products Partners closed at $5.28 yesterday.

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