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Fly News Breaks for October 31, 2018
CVRR, CVI
Oct 31, 2018 | 08:02 EDT
Citi analyst Prashant Rao started CVR Energy (CVI) with a Buy rating and $48 price target. The company could be a takeover target, "sufficiently proximate to justify a premium in shares today," Rao tells investors in a research note. He says that as the parent of CVR Refining (CVRR), CVR Energy "comprises two Midwest refineries that are highly complex, with access both to cost-advantaged feedstocks and a strong Midwest refined products market." The analyst notes that his $48 target implies a "lower-end" EBITDA take-out multiple and that CVR Energy has been open about potential deals.
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