Delek Logistics initiated with an Underperform at BofA

BofA analyst Jean Ann Salisbury initiated coverage of Delek Logistics (DKL) with an Underperform rating and $36 price target. The firm believes the 50% of midstream assets which support Delek US’s (DK) refining and logistics should get a refining multiple, with this assumption that sum-of-the-parts does not suggest “hidden value” in the Delek/Delek Logistics structure.