Deutsche Bank Rates Western Refining (WNR) A Hold

Deutsche Bank Securities analysts Paul Sankey, Silvio Micheloto and David T. Clark rated shares of Western Refining Inc WNR a Hold, with a price target of $7 per share. Western Refining Inc addressed concerns about its debt covenants and liquidity by highlighting the fact that the company has four sources to withdraw funds in the case of extreme distress. The Deutsche Bank Securities analysts wrote, "the key question for the next month or so is the extent to which global margins hold in the face of higher runs in Europe and Asia after turnarounds. For now, refining problems in Mexico and Venezuela look like outright good news for US refiners, that will only be indirectly be affected by higher runs globally. Both Mexico and Venezuela are arguably secular issues, with ongoing issues in both countries likely to persist for many years."