PBF Energy (PBF) PT Lowered to $33 at Mizuho

Mizuho analyst Nitin Kumar lowered the price target on PBF Energy (NYSE: PBF) to $33.00 (from $36.00) while maintaining a Neutral rating.

The analyst commented: "PBF reported a modest miss vs. consensus for 3Q24 on weaker-than-expected refining margins, but increased its dividend by 10% on the strength of its balance sheet and view of tightening refining markets in 2025. 4Q volume guidance, lower vs. peers that have reported, reflects the turnaround at Chalmette and an adjustment to economic conditions, and may be an indication of lower industry runs. We cut our NAV-based PT to $33 from $36 and remain Neutral, as we see a relatively weak refining environment in the short/medium term given the need for the supply-demand gap to close."

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