Goldman Sachs Reiterates Buy Rating On CVI

Goldman Sachs is reiterating its Buy rating on CVR Energy CVI and maintaining its $33 price on the stock following the compnay's analyst meeting. In the report, Goldman Sachs writes, “n our view, key takeaways from the analyst meeting were: (1) SOTP valuation points to a significantly underappreciated refining segment, with management expressing a willingness to take steps to unlock value if necessary; (2) the Coffeyville refinery and corresponding logistics assets remain competitively well-positioned, making a discounted valuation all the more unwarranted; and (3) usage of cash expected to be in focus in a wide “WTI discount” environment, with debt paydown, dividends, buybacks, and M&A all on the table.” CVI closed at $22.58 yesterday.