Wells Fargo analyst Roger Read says Calumet Specialty Products' Q3 results yesterday were weaker than expected as hurricane impacts hurt Specialty Products more than they lifted Fuels' results. The quarter "represented one of those one step backwards amid many forward steps over the prior and coming quarters," Read tells investors in a post-earnings research note. Investors should be disappointed by the weaker results, "but the bigger picture should dominate," the analyst adds. He believes Calumet's restructuring remains on track and that near-term liquidity concerns "have evaporated" following the sale of its Superior refinery and Anchor Drilling Fluids operations. Read reiterates an Outperform rating on the shares with a $10 price target.