The Dallas-based company produces refined products, such as gasoline, diesel fuel, jet fuel, lubricant products and asphalt.
The new price target comes after the company reported its 2015 fourth quarter earnings yesterday.
The results will have a positive impact on the shares' near-term performance due to a decent operational quarter and newfound caution regarding its buyback program, the firm said.
"HFC seems to have struck a relatively disciplined chord with the market compared to some of its peers, as the market has shown apprehension towards some of the heftier spending and buyback programs of refiners who reported earnings earlier in the cycle," Barclays said in an analyst note.
During the quarter, the company said it spent $261.1 million on stock repurchases.
Shares of HollyFrontier closed at $33.82 on Wednesday.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels.
As a counter to these strengths, the team also finds weaknesses including a generally disappointing performance in the stock itself and poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: HFC