Piper Sandler upgrades HF Sinclair to Overweight, raises target to $68

As previously reported, Piper Sandler analyst Ryan Todd upgraded HF Sinclair (DINO) to Overweight from Neutral with a price target of $68, up from $64. In a positive refining backdrop, HF Sinclair is the most investable of the SMID-cap refiners, looking more like a “mini-large cap,” the firm says. Piper further notes that HF Sinclair is the second most West Coast-levered refiner in its coverage and sees tailwinds to margins/capture on a significantly tighter WC market.