Mizuho analyst Nitin Kumar downgraded CVR Energy (CVI) to Underperform from Neutral with a price target of $29, up from $27, which implies 9% downside. The Environmental Protection Agony’s rulings on small refinery exemptions should allow CVR to write off 80% of prior year obligations, but a potential $100M cash outflow to meet remaining obligations and “ambiguity” on when to restart the dividend do not warrant a premium valuation relative to peers, the analyst tells investors in a research note.
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