Mizuho upgraded Par Pacific to Outperform from Neutral with a price target of $79, up from $58. The firm cites the company's "strong" recent results, a favorable distillate-driven margin backdrop, and "optionality" from small refinery exemption related benefits for the upgrade. Based on the new price target, Par Pacific offers 38% upside, the highest in Mizuho's refining coverage, the analyst tells investors in a research note.
