Calumet Specialty Products Pa (CLMT)

[Timothy Smith]

Calumet Specialty Products Partners (CLMT -9.9%) sinks to a 52-week low after Credit Suisse downgrades units to Neutral from Outperform with an $18 price target, cut from $32, following weak Q4 results.

Credit Suisse says it applauds CLMT's desire to focus on its core specialties business and away from more commoditized pursuits, but adds it could be a long road ahead before CLMT finds its business on a more stable footing, with balance sheet and dividend path risks not entirely shared by other refiner MLP names.

The firm is less optimistic generally about U.S. independent refiners, and cuts its price targets for CVR Refining (CVRR -5.9%) to $16 from $23, and for Alon USA Partners (ALDW -2.6%) to $21 from $31.