UPDATE: PBF Energy (PBF) PT Raised to $15 at Wolfe Research

October 28, 2021 4:57 PM EDT
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Price: $13.05 +4.15%

Rating Summary:
    2 Buy, 9 Hold, 8 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 7 | New: 13
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(Updated - October 28, 2021 4:57 PM EDT)

Wolfe Research analyst Sam Margolin raised the price target on PBF Energy (NYSE: PBF) to $15.00 (from $10.00) while maintaining a Underperform rating.

The analyst comments "We believe there is reasonable probability PBF will “win” the ongoing RVO situation as described above, but the major friction with the stock price remains capital returns headroom relative to peers. PBF’s interest costs are still ~35% of EBTIDA in 2022 by our estimates, and RINs prices have no effect on that since forward crack spreads carry the RIN value. At the conclusion of the RVO saga PBF seems likely to find a path toward faster debt repayment with shareholder returns deferred. Maintain Underperform, raising target to $15 on 8% sustaining FCF yield for Refining segment."

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