Calumet Specialty Products -6.5% after Q2 results, downgrade

|About: Calumet Specialty Products ... (CLMT)|By:, SA News Editor

Calumet Specialty Products (CLMT -6.5%) is cut to Neutral with a $33 price target (from $40) at Credit Suisse after disappointing Q2 results and citing the recent narrowing of crude spreads which could provide a strong headwind to a company that has expanded fuels exposure in recent years.

CLMT increased its Q2 distribution by a half-penny vs. run-rate Q/Q distribution growth of $0.03 over the prior six quarters; the slower increase suggests a slower distribution growth outlook until late next year, when ~$60M in growth projects is scheduled for completion.