HF Sinclair price target lowered to $40 from $46 at Piper Sandler

Piper Sandler lowered the firm’s price target on HF Sinclair (DINO) to $40 from $46 and keeps an Overweight rating on the shares. The firm notes the company posted a solid Q1 EPS result, with beats across most of their business lines. Overall, refining margins and Opex came in slightly better than expected, with throughput in line with expectation. And while renewables struggled under the new PTC regime, Piper expects improvement in Q2 from 45Z credit bookings, while other non-refining businesses were able to more than offset in Q1.