Goldman Sachs raises the target price of Calumet to $57, maintaining a neutral rating
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Goldman Sachs analyst Neil Mehta raised the target price for Calumet from $45 to $57 and maintained a neutral rating on the stock. The firm stated before the company's third-quarter earnings report that it is optimistic about the improvement in the economic efficiency of its renewable fuels business, as well as the support that the tight supply and demand situation provides for the base oil profit margin of Specialty Product Solutions. However, they will not take a more positive stance until they have a clearer understanding of the implementation of MaxSAF's expansion project.
Goldman Sachs analyst Neil Mehta raised the target price for Calumet ( CLMT ) from $45 to $57, and maintained a "neutral" rating on the stock.
In a research report, this analyst told investors that before the company's third-quarter earnings are released, Goldman Sachs remains optimistic about the continued improvement in the unit economics of Calumet in its renewable fuels business. At the same time, the tight supply and demand fundamentals are also supporting the profit margins of base oils in Specialty Product Solutions's business.
Goldman Sachs also stated that, although the bank recognizes that the company's profitability is improving and the prospects for improving its balance sheet are clear, it will not take a further more positive stance on this stock until it obtains clearer information regarding the implementation of the MaxSAF expansion project.
This article was originally published on TheFly.
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