Raymond James analyst Justin Jenkins upgraded CVR Energy (CVI) to Market Perform from Underperform. CVR Energy’s refining portfolio is positioned to perform in a strong margin environment, but this appears reflected in its premium valuation relative to SMID- and large-cap peers, the analyst tells investors in a research note. While long-term refining upside remains, improved leverage and operational execution are needed to unlock further gains, though the stock may have bottomed with macro fundamentals improving toward peer-level performance, the firm says.
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