BofA raised the firm’s price target on Calumet (CLMT) to $20 from $15 and keeps a Buy rating on the shares after the EPA proposed a total renewable volume obligation of 24.02B renewable identification numbers for 2026. The RVO is positive for Calumet, says the analyst, who notes that the higher RVO corresponds to a 20c per gallon higher margin on the cost curve than the firm’s prior expectation. The firm raised its price target due to higher surety for demand and higher margins in the near-to-longer term, the analyst tells investors.
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