** Raymond James raises price targets for several U.S. refiners
** Says disruptions from the Middle East conflict have changed the refining market to a great degree
** "Disruption impacts will persist after the conflict ends, and we expect refining margins to remain elevated for a considerable period," brokerage says
** Adds very high-margin indicators are likely to drive extremely strong earnings over the next couple of quarters, and even beyond that
** Says "spiky" margins could be tough for refiners to fully capture in the short-term
** While the short-term backdrop is tricky in our view, we still like the long-run outlook, particularly given the long-lasting disruptions - Raymond James
Brokerage raises PTs for the following companies:
Companies | Old PT | New PT | Upside to the stock's last close |
HF Sinclair DINO.N | $66 | $75 | 22.07% |
Marathon Petroleum MPC.N | $210 | $270 | 10.7% |
Phillips 66 PSX.N | $175 | $205 | 11.3% |
Valero Energy VLO.N | $215 | $290 | ~20% |
(Reporting by Sumit Saha in Bengaluru)
((Sumit.Saha@thomsonreuters.com;))