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Genesis Energy downgraded on valuation at Baird

  • Genesis Energy (GEL -3.7%) is downgraded to Neutral from Outperform with a $52 price target at Baird, citing GEL's 12% rally since the April 6 secondary on the back of a 14% gain for crude.
  • Baird remains convinced of the solid long-term story at GEL and looks for 17% Y/Y EBITDA growth, but sees units approaching full value at current levels.
  • The firm also remains skeptical of the recent crude rally on expectations for better than expected supply resiliency over the balance of the year, which it believes would be a headwind for GEL.

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Genesis Energy, L.P. Class A Common Units