Morgan Stanley raised the firm’s price target on Delek US (DK) to $40 from $38 and keeps an Equal Weight rating on the shares. Refiners have given back most of their Middle East gains, but even if the Strait of Hormuz reopens in the near term, refining margins are unlikely to return to pre-conflict levels anytime soon, says the analyst, who updated estimates among the refiner group for latest strip prices through 2027.
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