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Credit Suisse Cuts Frontier Oil to Underperform


Credit Suisse downgraded Frontier Oil (FTO) to underperform from neutral, citing the company's valuation.

Analyst Mark Flannery says Frontier Oil will likely continue to trade at the top of its peer group, given factors such as its multiple sources of heavily discounted crude. However, he thinks Frontier Oil's current premium is too high. He says his $50 target (up from $46) has Frontier Oil trading closer to larger complex peer Valero Energy on earnings ratios, but at the top of the group on daily production capacity ratios. He raises his $4.65 2006 earnings per share (EPS) estimate to $4.69 and his $3.48 2007 estimate to $3.78.


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