** TD Cowen says refining equities have risen in Q3 after a strong 1H25, but they have taken a breather since then as cracks have come off highs
** Says product inventory builds offset continued attacks on Russian refineries by Ukraine
** Brokerage expects refining cracks to remain supported through 2H26
** For Q3 earnings, TD Cowen sees upside to Phillips 66 PSX.N on Q4 revisions and Par Pacific Holdings PARR.N on continued niche market strength hopes
** Brokerage sees downside risk to PBF Energy PBF.N on limited cash generation potential
Brokerage changes price targets on the following companies:
Company | New PT | Old PT | % upside/downside to stock's last close |
HF Sinclair DINO.N | $55 | $50 | 6.1% upside |
Phillips 66 PSX.N | $140 | $133 | 8.3% upside |
Calumet Inc CLMT.O | $15 | $14 | 17.5% downside |
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))