HF Sinclair price target lowered to $65 from $73 at Piper Sandler

Piper Sandler lowered the firm’s price target on HF Sinclair to $65 from $73 and keeps an Overweight rating on the shares. The firm is also updating its estimates based on end of quarter mark to market and adjustments to its operating expectations. Despite headwinds to margin capture that have resulted in modest negative revisions across much of the refining space to date, above average West Coast exposure at HF Sinclair, as well as strong operations, drove positive revisions to Piper’s refining estimates.