Mizuho Downgrades PBF Energy (PBF) to Neutral

Mizuho analyst Nitin Kumar downgraded PBF Energy (NYSE: PBF) from Buy to Neutral with a price target of $58.00.

The analyst commented: "As we update our refining models for 4Q23 updates, the sector has outperformed our expectations on demand optimism and potential short-term supply impacts (e.g., Dangote delay, Russian refining outages etc.). Although the industry continues to improve asset performance, margin capture, and cost control, stock prices have outperformed crack spreads (see Exhibit 8) while crack futures remain roughly in line with historical averages. Our valuation methodology (NAV) is anchored in long-term fundamentals rather than short-term dislocations, and while we raise price targets by ~16% across our coverage, we see only ~2.4% upside from current levels. Thus, we are moving further to the 'sidelines' by downgrading VLO and PBF to Neutral, while DK is our Underperform in the sub-sector."

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 $56.72 yesterday.

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