Genesis Energy price target raised to $15 from $12 at Wells Fargo

Wells Fargo analyst Michael Blum raised the firm’s price target on Genesis Energy (GEL) to $15 from $12 and keeps an Equal Weight rating on the shares. The sale of soda ash is accretive to the firm’s price target as lost EBITDA is offset by lower leverage, maintenance capex, financing costs, and higher free cash flow. Wells remains on the sidelines on valuation.