BUZZ-Mizuho cuts price targets for US refiners on weak demand, inventory buildup

Reuters06-20

** Brokerage Mizuho lowered its estimates for earnings per share for U.S. refiners in Q2; trims price targets on average by 5% to account for lower benchmark spread and refining indicators

** Given the "still-tepid product demand... product inventories have built and crack spreads have declined sharply in June"

** Q2 could see potentially lower margins q-o-q, with higher utilization rates of around 95%+ given that quarter-to-date utilization has averaged 91%

** Sees companies having "witnessed better demand trends in their own systems, but in our view supported by the export pull"

PT changes:

Company New PT Old PT Rating

Marathon Petroleum $201 $203 Neutral

Phillips 66 $160 $162 Neutral

Valero $171 $176 Neutral

HF Sinclair $61 $64 Neutral

PBF Energy $54 $58 Neutral

Delek $27 $31 Underperform

(Reporting by Seher Dareen in Bengaluru)

((Seher.Dareen@thomsonreuters.com;))

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