Calumet Specialty Products +4.3% after strong Q1 results, analyst upgrade

• Calumet Specialty Products (NASDAQ:CLMT +4.3%) powers higher as units are upgraded to Outperform from Neutral at Credit Suisse, a day after reporting Q1 earnings of $0.50/unit and revenues of $1.34B, both ahead of analyst expectations.
• CLMT's Q1 distribution coverage ratio was 0.94x, supported by an improving specialty product segment and acquisition contribution; sees total 2014 capex of $340M-$385M, with $270M-$300M allocated toward organic growth projects.
• In its upgrade, Credit Suisse notes CLMT is in the process of completing several large projects with the potential to double EBITDA by 2016, and CLMT is eyeing at least half a dozen potential acquisitions under evaluation.