Alon USA jumped 7% today after Deutsche Bank upgrade


Deutsche Bank upgraded refiners Alon USA Energy (ALJ +7.4%), Valero (VLO), Phillips 66 (PSX) and Delek US (DK) to Buy from Hold, citing a bullish outlook given the over-supply of light sweet crude and the limitation of the crude export ban.

Cabot Oil & Gas (COG) also is upgraded as shares have lagged due to a combination of regional pricing and growth fears; DB believes both are overplayed and sees the stock as relatively attractive vs. Marcellus peers.

The firm downgraded Noble Energy (NBL) and Continental Resources (CLR) to Hold from Buy primarily on valuation; NBL remains a best-in-class company but its high quality multi-year program is increasingly understood and de-risked by the Street.

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