Par Pacific Holdings ( NYSE: PARR ) -1.8% after Goldman Sachs downgraded shares to Neutral from Buy with a $20 price target, citing the stock's 25% surge during the past months and outpacing most refiners.
Goldman analyst Cathy Davenport said she now sees 6% total return for Par Pacific ( PARR ) vs. 14% average total return to the firm's refining coverage.
"We continue to see a constructive near term set up for refining profitability, maintain a positive view on the management team, and expect leverage reduction to continue, [but] we see less relative upside to shares from here, Davenport wrote.
"While the refining sector has improved, sector economics alone are not enough to rescue" Par Pacific ( PARR ), Laura Starks writes in a bearish analysis published recently on Seeking Alpha .
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Par Pacific ticks lower after Goldman downgrades on valuation