TD Cowen upgrades Delek US Holdings to 'hold', raises PT

** TD Cowen upgrades rating on oil refiner Delek US Holdings DK to "hold" from "sell" and raises price target to $28 from $15

** Still, the new price target represents a nearly 13% downside to the stock's last close

** Brokerage says the change in rating reflects small refinery exemptions (SREs) awarded to DK and reasonable confidence in similar SREs at least through 2027

** "We also expect DK to benefit from crude market structure flipping to contango" - brokerage

** TD Cowen expects the refining margin environment to remain supportive over the next 6 to 12 months

** 3 of 13 brokerages rate the stock "buy" or higher, 8 "hold" and 2 "sell" or lower; median PT is $29 - data compiled by LSEG

** Up till last close, stock up 73.6% YTD