UBS downgraded Calumet (CLMT) to Sell from Neutral with a price target of $15, down from $20.50. The firm expects negative estimate revisions, saying the blenders tax credit going to production tax credit would be a $100M annual headwind for Calumet’s EBITDA in 2025. Consensus EBITDA estimates indicate the company’s earnings to be up $180M year-over-year for 2025, the analyst tells investors in a research note. UBS sees 45% potential downside to 2025 earnings estimates and 56% downside to 2026 estimates.
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