TD Cowen raised the firm's price target on Calumet to $34 from $25 and keeps a Hold rating on the shares. The firm says base oil margins have hit post-Covid highs due to the Middle East conflict. Calumet should benefit from its base oil capacity, though it is mostly tied to Group I/II base oil margins, meaning it may only be a short-term positive, the analyst tells investors in a research note.
