Calumet downgraded to Hold from Buy at TD Cowen

TD Cowen analyst Jason Gabelman downgraded Calumet (CLMT) to Hold from Buy with a price target of $16, down from $26. The market is now more fully accounting for the company’s near-term risks, both for the Montana Renewables project and broader industry headwinds, which serve as a “counterweight to potential long-term upside,” the analyst tells investors in a research note. The firm says Calumet needs to demonstrate competitive earnings at Montana Renewables to stabilize the stock, with upside predicated on sustainable aviation fuel pricing confidence that may be difficult to demonstrate in the near-term.