PBF Energy (PBF) PT Lowered to $54 at Mizuho

Mizuho analyst Nitin Kumar lowered the price target on PBF Energy (NYSE: PBF) to $54.00 (from $58.00) while maintaining a Neutral rating.

The analyst commented: "Our price target for PBF is $54 per share, based on our NAV approach that values the company’s future cash flows based on assumptions for the key regional benchmark crack spreads and a 10% annual discount rate. If US cracks increase by 10%, we could value PBF shares at $81 as an upside case (+51% vs. base case). If cracks decline by 10%, we could value PBF shares at $27 in a downside case (-50% vs. base case)."

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