PBF Energy (PBF) PT Lowered to $54 at Piper Sandler

Piper Sandler analyst Ryan Todd lowered the price target on PBF Energy (NYSE: PBF) to $54.00 (from $61.00) while maintaining a Neutral rating.

The analyst commented, "While we don't necessarily see a strong call on the group, we see regional trends driving relative opportunity. In particular, West Coast margins continue to lead, with San Francisco cracks specifically showing significant strength (+$8/bbl vs. LA). We see the greatest benefit to VLO and PBF, where we already see less downside to 2Q estimates vs the group (-6%/-1% respectively vs group -11%), with the potential for upside should strength continue, while avoiding the WCS headwinds (narrowing ~$1.37/bbl further in 2Q) impacting some of their peers."

"Our PT is based on a 2024/2025 SOTP based framework. Our SOTP assumes a blended FY24/25 3.75x EV/EBITDA multiple on refining and corporate. We value holdings in the underlying MLP at current market prices and adjust for non-recourse net debt. "

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