Lehman Brothers Lowers Rating on Refining Sector

摘要

A Lehman Brothers analyst lowered his rating on the refining sector, saying that the drop in U.S. refining margins since last May is indicative of a new multiyear down cycle as opposed to a seasonal pullback. "We forecast the sector will resume its downward spiral by early summer and will exit the year below its recent lows," the Associated Press quoted Lehman Brothers analyst Paul Cheng as saying. Cheng lowered his rating from "Neutral" to "Negative."