Caltex Australia is a "hold" at Deutsche Bank with a 12-month price target at $33.35 a share. 
"Caltex reported a realised Caltex Refiner Margin (CRM) of $US15.66/bbl for   October 2015, down from   September 2015 ($US17.28/bbl), but well ahead of our forecasts ($US7.80/bbl).
"We note the   October 2015 margin was impacted by a negative $US0.57/bbl lag, due in part to a higher AUD/USD exchange rate.
"We continue to forecast a realised CRM of $US7.80/bbl for the remainder of 2015. 
"Our CY15 EPS forecasts have increased by 3.6 per cent to $2.32 a share on the refiner margin mark-to-market. 
"Key risks to Caltex include marketing and distribution competition, product mix and volume."