Wells Fargo Starts PBF Energy (PBF) at Outperform

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Wells Fargo initiates coverage on PBF Energy (NYSE: PBF) with an Outperform rating and $38-$40 valuation range.

The firm comments, "Our rating reflects PBF's Mid-Continent exposure, highly complex East Coast refining capacity, and the potential upside from a shift in competitive balance on the East Coast. We value PBF at 3.7-3.8x our 2013 EBITDA estimate, which reflects a discount relative to peers. We believe is justified based on East Coast-weighted refining operations and recent trading range. Our 2012E and 2013E EPS estimates are $4.45 and $6.30, respectively."

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 $33.40 yesterday, with a 52 week range of $25.88-$33.67.

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