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What: Shares of independent oil refiner Western Refining
So What: Because Western Refining implemented restructuring initiatives that involve heavy deleveraging and refocused its portfolio on higher-return markets, Morgan Stanley upgraded it to overweight with a $9.00 price target. With Western Refining poised to cut its debt load by more than half in 2011, Morgan Stanley also believes the shares deserve to trade at less of a discount to rivals Holly
Now What: Even with today's pop, there's still about 40% worth of upside to Morgan Stanley's $9.00 price target. Of course, when you couple Western Refining's restructuring efforts with the fact that even integrated giants like ExxonMobil
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