Credit Suisse downgrade has no credibility - based on their own assessment.
If it did, they would have downgraded the entire sector. Also, less than 14 days since their upgrade to $75.00. Someone's attempting to get some cheapo shares before the next dividend and two more spin-offs.
You're duplicating an earlier post, but Credit Suisse's rating changes appear to be RIN-related. They downgraded VLO and upgraded WNR at the same time. Here's what WNR's CEO had to say about RIN's in contrast to VLO's CEO's comment at the other end of the spectrum:
"Our wholesale and retail businesses sell significant volumes of biodiesel and ethanol blended gasoline covering approximately 75% of our renewable requirements. In addition, our East Coast marketing business generates RINs which may be sold or used to satisfy our renewable obligations. We feel that our volume of blended sales puts Western in a unique position to mitigate the impact of RIN price volatility."