Piper Sandler raises PT of refiners on tighter market outlook
11/09/2025 12:37
** Piper Sandler raises price target on refiners citing a tighter market outlook ** "While there is ongoing debate at the margin on both supply and demand, the global product markets remains relatively tight" - Piper Sandler ** Piper Sandler says "distillate tightness entering winter implies margin risk biased higher" could serve as tailwind heading into 2026 ** Adds 2026 supply/demand outlook suggests 2026 will be tighter than 2025 Brokerage Changes PT on the following companies:
| Company | New PT | Old PT | Upside to last close |
| HF Sinclair DINO.N | $59 | $51 | 15.3% |
| Delek US Holding DK.N | $34 | $29 | 14.4% |
| Marathon Petroleum MPC.N | $222 | $184 | 22.1% |
| Par Pacific Holding PARR.N | $44 | $39 | 32.2% |
| PBF Energy PBF.N | $29 | $22 | ~3% |
| Phillips 66 PSX.N | $154 | $144 | 17.1% |
| Valero Energy VLO.N | $200 | $171 | 26.1% |
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