BUZZ-Par Pacific rises on Goldman Sachs upgrade

Reuters03-28
BUZZ-<a href="https://laohu8.com/S/PARR">Par Pacific</a> rises on Goldman Sachs upgrade

** Refiner Par Pacific's shares PARR.N rise ~3.9% to $14.78

** Earlier in the session, stock traded at its highest since end-February at $15.26

** Brokerage Goldman Sachs raises rating to "buy" from "neutral", PT to $19 from $18

** New price target represents 33.5% upside to stock's last close

** Goldman Sachs analysts say recent underperformance driven by softer China/Asia demand, and lower Singapore margins (PARR has significant relative exposure)

** "We see potential for a bottoming in Singapore margins, where we point to the improvement in PARR's Hawaii index, and view the risk/reward for PARR shares as attractive from here" - Goldman Sachs analysts

** Brokerage also sees potential for incremental growth in retail and logistics

** 4 of 8 brokerages rate stock "buy", 4 at "hold"; their median PT is $20.50

** Stock down 9.8% YTD

(Reporting by Seher Dareen in Bengaluru)

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

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