JPMorgan raised the firm’s price target on Par Pacific (PARR) to $77 from $48 and keeps an Overweight rating on the shares as part of a Q1 earnings preview. The firm believes the refiners will see “significant tailwinds” from the increase in cracks post the Iran conflict in Q2 and beyond. Parr is set to benefit from “significant tightness” in the Singapore market given its Hawaii exposure, the analyst tells investors in a research note. JPMorgan cites recent strip cracks for target increase.
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