Goldman Sachs Upgrades Par Pacific To Buy On Earnings Momentum

Goldman Sachs upgraded Par Pacific Holdings (NYSE: PARR) to Buy from Neutral, setting a $77.00 price target, with shares rising more than 1% in pre-market trading Friday.

The upgrade was driven by expectations for positive revisions to consensus estimates, supported by tightening supply-demand dynamics in the PADD 5 region.

The firm highlighted the strength of Par Pacific’s Hawaii operations, noting that earnings from this segment remain robust, while mainland refining contributions appear underappreciated by the market.

Goldman also pointed to long-term upside potential from small refinery exemptions and the company’s Hawaii Renewables project, which provides insulation from Renewable Identification Number (RIN) costs and could offer additional upside beyond current assumptions.

The company’s integrated business model was also cited as a stabilizing factor for cash flows amid a more volatile macroeconomic environment.