Wells Fargo analyst Roger Read lowered the firm's price target on Delek US to $26 from $35 and keeps an Equal Weight rating on the shares. Despite the seasonal strength in cracks, especially in gasoline, the narrowed inland crude diffs are likely to inhibit the company's realized spreads in coming months/quarters versus year ago levels, the analyst contends. Read believes the shift to more consistent and growing earnings/CFFO from retail and midstream should help in 2021 and beyond, but are likely not enough to offset the narrowed crude diffs during 2020.