In a recent report, analysts at Deutsche Bank updated their price targets for seven North American oil refiners. The report included brief explanations of the changes.

Marathon Petroleum Corp MPC 0.08% target raised from $105.00 to $118.00.

Analysts like Marathon’s exposure to the wide crude differentials of the Gulf Coast and note the strong crack spreads across most of the company’s territory. Their new target is based on a 4.5x multiple on 2016 refining segment EBITDA, a 7.5x multiple on the retail segment, and a 5.0x multiple on the corporate segment.

Valero Energy Corp VLO 0.9% target raised from $60.00 to $70.00.

Analysts highlight Valero’s relatively high Gulf Coast exposure, the robust rebound in crack spreads, strong capture rates and refining-only leverage as their reasons for boosting the stock’s price target. They see nearly 20 percent upside from current levels.

PBF Energy Inc PBF 0.36% target raised from $27.00 to $33.00.

The new price target is based on a sum of the parts valuation. Analysts assign a 3.75x multiple on the company’s 2016 refining segment EBITDA and a 5x multiple on the corporate segment.

Delek US Holdings Inc DK 2.19% target lowered from $40.00 to $37.00.

Analysts note that Delek has outperformed its peers by more than eight percent so far in 2015 despite narrowing differentials in its Midland territory. They see limited opportunity for value creation moving forward.

HollyFrontier Corp HFC 0.15% target raised from $45.00 to $50.00.

The company’s new price target is based on a 5.25x multiple applied to the 2016 EBITDA of both the refining and corporate segments.

Phillips 66 PSX 0.12% target raised from $92.00 to $93.00.

Analysts believe that heavy crude-configured refiners such as Phillips 66 are in a position to capitalize most on the current oil price environment.

Tesoro Corp TSO 0.06% target raised from $103.00 to $108.00.

Much like Phillips 66, Tesoro is in a position to benefit from the recent increase in heavy crude oil differentials.

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