BUZZ-Piper Sandler raises PT of refiners on tighter market outlook
Piper Sandler has raised the price targets for several refiners due to a tighter market outlook, indicating that the global product markets remain relatively tight. The firm notes that distillate tightness entering winter could lead to higher margins, benefiting the sector as it heads into 2026. The updated price targets include HF Sinclair at $59, Delek US Holding at $34, Marathon Petroleum at $222, Par Pacific Holding at $44, PBF Energy at $29, Phillips 66 at $154, and Valero Energy at $200, with respective upsides ranging from ~3% to 32.2%.
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 $34 $29 14.4%
(DK.N)
Marathon Petroleum $222 $184 22.1%
(MPC.N)
Par Pacific Holding $44 $39 32.2%
(PARR.N)
PBF Energy (PBF.N) $29 $22 ~3%
Phillips 66 (PSX.N) $154 $144 17.1%
Valero Energy $200 $171 26.1%
(VLO.N)
