UPDATE: Credit Suisse Downgrades HollyFrontier, Upgrades Delek US Holdings

According to a research report published earlier today, Credit Suisse has downgraded HollyFrontier HFC to Neutral, and upgraded Delek U.S. Holdings DK to Outperform. In the report, Credit Suisse said, “Bottom Line: Although we see upside to EPS for 2012, announced pipeline capacity for 2013/2014 suggests more confidence in narrower Mid-Con spreads over 2013-15. There is still value in the refiners, but less in HFC than peers. With macro indicators rolling over and ahead of the startup of meaningful rail capacity (EOG 100KBD in April), meaningful pipeline capacity (Seaway reversal) and rising summer refining utilization, we take money off the table. We adjust EPS and TPs for the group following company specific model reviews and revised Bakken/Permian differentials.” HollyFrontier closed yesterday at $32.21. Delek U.S. Holdings closed yesterday at $14.90.