Par Pacific upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Par Pacific to Overweight from Neutral with a price target of $30, down from $36. The shares have “over-corrected,” declining obvert 50% year-to-date, which is reflective of the company’s exposure to Asia cracks and to distillates, the analyst tells investors in a research note. The firm says Par Pacific’s valuation is now “highly attractive” at these levels, while Hawaii capture rates should continue to be strong.