Scotiabank downgrades HF Sinclair on ‘significant uncertainty’

Scotiabank last night downgraded HF Sinclair (DINO) to Sector Perform from Outperform with a price target of $53, down from $62. The firm cites the “significant uncertainty” surrounding the CEO’s leave of absence and the audit committee’s review of the company’s disclosure process for the downgrade. Management did not provide any clarification on the earnings call which “raises a lot of questions and hampers investors’ confidence in the shares,” the analyst tells investors in a research note.