Global Partners downgraded to Hold from Buy at Stifel

Stifel downgraded Global Partners (GLP) to Hold from Buy with a price target of $56, up from $54. The company posted Q4 results below the firm’s expectations, driven by lower fuel margins in Gasoline Distribution and Station Operations, the analyst tells investors in a research note. Global is currently evaluating potential scenarios around Canadian tariffs, though believes its footprint provides it flexibility to secure supply at numerous points, the analyst adds. The firm also said that while it continues to favor management’s strategy of bolt-on M&A and believes the core business to provide relatively stable cash flows over, it thinks the stock is fairly valued.