Vertex Energy drops after Stifel cuts rating to "hold"

Vertex Energy

19/12/2023 16:24

** Refiner Vertex Energy's shares  VTNR.O  fall 5.77% to
$3.43
    ** Brokerage Stifel downgrades co's rating to "hold" from
"buy", cuts PT to $4 from $6
    ** Stifel says weak crack spreads in refining and renewable
diesel segments will limit valuation upside over 12 months
    ** "Conversion to lower cost feedstock is a possible
long-term solution to poor subsidy values but that does not
happen quickly," says brokerage
     ** The new price target represents a 9.89% upside to the
stock's last close
    ** 3 of 7 brokerages rate the stock "buy" and 4 "hold";
their median PT is $6.75 - LSEG
    ** Including session's losses, stock has fallen 44.68% YTD

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com))