Freedom Broker analyst Sergey Pigarev downgraded PBF Energy (NYSE: PBF) from Hold to Sell with a price target of $55.00 (from $42.00).

The analyst comments "Independent US merchant refiner PBF Energy delivered strong 2QFY26 results, supported by elevated refining margins following wartime supply disruptions and the return of the Martinez refinery to full operations. The company used the stronger cash generation to strengthen its balance sheet, reducing net debt by more than $1.4bn during the quarter and cutting leverage by more than half. In light of the renewed hostilities in the Middle East, which have lifted near-term refining margins well above our prior assumptions, together with the improved financial position, we raise our target price to $55 per share from $42 but downgrade the stock to Sell from Hold. We believe current earnings are being driven by temporary geopolitical factors rather than a lasting improvement in midcycle profitability, while the recent rally appears to price in these unusually strong conditions as if they will persist."

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Shares of PBF Energy closed at $73.10 yesterday.