HF Sinclair price target raised to $61 from $60 at Morgan Stanley

Morgan Stanley analyst Joe Laetsch raised the firm’s price target on HF Sinclair (DINO) to $61 from $60 and keeps an Overweight rating on the shares. Refining stocks have risen by about 10% year-to-date on the back of widening light/heavy differentials following the recent Venezuela events, the analyst noted. Updating for the latest forward cracks, the firm’s Q1 EPS estimates for its large-cap refiner coverage are about 5%-10% below consensus on average, the analyst tells investors in a Q4 preview for the group. On a long-term basis, the firm remains constructive on the refining outlook, but it reiterates an In-Line industry view driven by valuation.