- Delek US Holdings (DK -1.1%) is downgraded to Neutral from Overweight with a $12 price target, reduced from $12, at J.P. Morgan, which says the company's valuation and leverage combination are less promising.
- The firm says DK's retail and logistics segments are well positioned for significant growth, particularly if the company acquires the rest of Alon USA Energy, but cites concerns related to DK's balance sheet in case the current macro environment persisted.
- As in its downgrade of PBF Energy, the firm lowers its Q2 estimates "as cracks softened in the final weeks of Q2 and capture rates now look even more negative than we thought Q/Q,” adding that it also has lowered full-year estimates since strip cracks continued to decline in June.