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Fly News Breaks for June 21, 2019
CVI
Jun 21, 2019 | 09:41 EDT
Citi analyst Prashant Rao downgraded CVR Energy to Neutral from Buy but raised his price target to $48 from $43, stating that he sees a "mid-to-high $40s" valuation as justified for the stock, which he notes is up 40% year-to-date. Upside would require an M&A premium, but Rao sees a potential acquisition as "less imminent" given macro concerns and the recent Martinez transaction, he tells investors.
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