TD Cowen analyst Jason Gabelman maintained a Sell rating on Delek US Holdings today and set a price target of $15.00.
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Jason Gabelman has given his Sell rating due to a combination of factors including the reduced price target for Delek US Holdings, which has been adjusted down to $15. This adjustment reflects a revised valuation based on 2026 estimates and a 5x EV/EBITDA multiple. The reduction in the price target is also influenced by the completion of the cost-cutting measures under the Enterprise Optimization Plan, which have already been largely realized, leading to an increase in operating expenses.
Additionally, while Delek US Holdings remains optimistic about securing small refinery exemptions, which could significantly impact its market value, there is uncertainty surrounding the number of exemptions that will be granted and the timing of such announcements. The company’s forecasted financial performance, including breakeven free cash flow at mid-cycle cracks, further supports the Sell rating as it indicates limited upside potential in the near term.