Credit Suisse Downgrades PBF Energy (PBF) to Neutral
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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."
Shares of PBF Energy closed at $21.50 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
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