As previously reported, Morgan Stanley analyst Benny Wong upgraded HollyFrontier (HFC) to Equal Weight from Underweight as his updated commodity assumptions, particularly for Midland differential, lifted his 2018 EBITDA estimate 34% above consensus. He raised his price target on HollyFrontier shares to $60 from $48. However, after speaking to Refining & Marketing companies, he is lowering his Q1 EPS estimates for the space by 30%. Wong sees HollyFrontier and Phillips 66 (PSX) as facing the least negative earnings revision risk, while seeing Delek US (DK), PBF Energy (PBF) and Marathon Petroleum (MPC) facing the highest revision risk.