JPMorgan analyst John Royall upgraded Delek US to Neutral from Underweight with a price target of $26, up from $23. The company has generated consolidated EBITDA of $45M on a value-neutral basis by reinvesting high multiple proceeds into lower multiple acquisitions and organic projects, the analyst tells investors in a research note. The firm says Delek’s efforts have created consolidated value, warranting an upgrade to Neutral
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