PBF Energy (PBF) PT Lowered to $19 at TD Cowen

TD Cowen analyst Jason Gabelman lowered the price target on PBF Energy (NYSE: PBF) to $19.00 (from $20.00) while maintaining a Sell rating.

The analyst comments "PBF stock was negatively impacted by a FCF miss and disclosure of a full shutdown at Martinez (15% of PBF total capacity) with unquantified duration. We estimate if the asset is shut down for the duration of 1Q it could result in a $0.1B headwind, while every month beyond could conservatively cost $20MM. We forecast a re-leveraging of the B/S through 2025. Maintain Sell."

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