03:05 PM EDT, 05/05/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of $29, cut $3, reflects a 5.0x multiple of EV to projected 2026 EBITDA. The applied multiple is a modest discount to DINO's historical forward average on potential headwinds related to Canadian imports We cut our 2025 EPS estimate by $1.02 to $1.40 and 2026's by $0.21 to $2.98. Refining margins remain the key wild card, but given DINO's high exposure to the Midwest, we see outsized risk to DINO's refining margins on two fronts. First, higher Canadian exposure could be problematic given the Trans Mountain Expansion (TMX) pipeline, which could raise the cost of crude acquisition for DINO. Second is the potential 10% tariff on Canadian crude oil imports. Although management alluded to a good chunk of any such tariffs being borne by producers, we are skeptical. The margin outlook does look slightly better for 2026 than for 2025, in part because refined product inventories are low, but we think consensus views on 2026 earnings power may be overly optimistic.