Northern Tier Energy (NTI -8.5%) is downgraded to Hold from Buy at Deutsche Bank, which says...

|About: Northern Tier Energy (NTI)|By:, SA News Editor

Northern Tier Energy (NTI -8.5%) is downgraded to Hold from Buy at Deutsche Bank, which says that although excellent Q3 profitability implies cheap valuation, it sees a seasonal sequential decline in earnings in Q4 followed by typically weak Q1 and costly turnarounds, and the stock looks fully valued on a normalized mid-cycle distribution basis.