** Citigroup raises PT on U.S. refiners as it expects strong quarter across refiners, supported by improving margin indicators and healthy underlying business momentum

** Says the beat versus consensus is largely driven by stronger refining margins, with "the primary difference between our estimate and street mean is refining margins"

** Brokerage expects prior derivative headwinds to reverse, noting the losses "should largely unwind in 2Q26"

Brokerage raises PT on the following companies: