U.S. stocks pre-market movement: Par Pacific extends gains by over 5%, Goldman Sachs raises its rating and target price

Glonghui April 13 — Refining company Par Pacific (PARR.US) continued to rise more than 5% pre-market to $65.99. According to reports, Goldman Sachs has upgraded Par Pacific Holdings, Inc.'s stock rating from "Neutral" to "Buy" and sharply raised its target price from $53 to $77. At the time of the rating upgrade, the price–earnings ratio (P/E) of the stock was about 8.54x, and analysts believe that, relative to its earnings potential, the share price may be undervalued. Goldman Sachs particularly pointed out that Par Pacific's business performance in Hawaii has been outstanding and contributed significant revenue, which is a key support for the company's overall profitability.