Alon USA Energy (ALJ +10.2%) adds to its big Friday gains after Goldman starts coverage with a Buy and $21 PT. The firm notes ALJ, whose refining ops center around a Texas facility, benefits from spreads between Brent-WTI, WTI-Midland, and WTI-Cushing oil prices, and thinks the recent IPO of Alon USA Partners (ALDW +0.8%) which contains ALJ's interest in the refinery, will "help investors recognize the inherent value of the asset." ALDW has been launched at Neutral due to valuation concerns.
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