PBF Energy (PBF) PT Raised to $71 at Wells Fargo, Remains a Top Pick

Wells Fargo analyst Roger Read raised the price target on PBF Energy (NYSE: PBF) to $71.00 (from $65.00) while maintaining a Overweight rating.

The analyst comments "PBF remains a top pick. We raise our PT to $71 from $65 on a higher EBITDA valuation
multiple of 4.5x vs prior 4.0x — consistent with adjustments for the refining peer group. No net change to our Q1'24 EPS estimate of $0.62. We made adjustments to regional crack spreads based on full quarter averages and a final review of planned and unplanned downtime for the refining units. The net effect was minimal (i.e., EPS unchanged) . However, regional cracks increased in the Mid-con and Gulf Coast but decreased on the East and West Coasts.

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