Par Pacific initiated with an Outperform at Raymond James

Raymond James analyst Justin Jenkins initiated coverage of Par Pacific (PARR) with an Outperform rating and $25 price target As the refining sector navigates the current downturn toward a recovery, Par Pacific has “solid upside potential,” the analyst tells investors. Global refining capacity is rebalancing, while the demand picture “remains solid enough to gradually push margins back toward mid-cycle levels,” contends the analyst, who sees meaningful upside for Par if refining margins bounce back quicker than expected.