Credit Suisse Downgrades PBF Energy (PBF) to Neutral

October 11, 2016 7:26 AM EDT
Get Alerts PBF Hot Sheet
Price: $23.71 --0%

Rating Summary:
    7 Buy, 8 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Credit Suisse downgraded PBF Energy (NYSE: PBF) from Outperform to Neutral with a price target of $22.00 (from $28.00).

Analyst Edward Westlake commented, "PBF has the largest macro sensitivity to refining and RINS. Today these factors are depressing PBF earnings at a time when net debt has been elevated after the Torrance and Chalmette acquisition. Yes, one day this macro sensitivity may reverse, but despite the underperformance, we'd rather downgrade."

For an analyst ratings summary and ratings history on PBF Energy click here. For more ratings news on PBF Energy click here.

Shares of PBF Energy closed at $21.50 yesterday.

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