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Fly News Breaks for March 24, 2017
DKL, ALJ
Mar 24, 2017 | 07:17 EDT
As previously reported, Credit Suisse analyst Edward Westlake downgraded Alon USA Energy (ALJ) to Neutral from Outperform saying that both Delek Logistics (DKL) and by extension Alon USA Energy look close to fully valued. The analyst notes that the latter has had a strong rally over the last 6 months, pulled up by Delek Logistics' offer to acquire the remaining 52% of outstanding shares for an exchange rate of 50.4%. Westlake raised his price target on Alon USA Energy's shares to $13 from $12.
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