PBF Energy downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded PBF Energy (PBF) to Equal Weight from Overweight with a price target of $34, down from $39. The firm says inventories are below average, U.S. transportation fuel use rose 1% in 2024 and Atlantic Basin refining capacity will shrink in 2025 and 2026. It remains positive on U.S. refining but says that until OPEC+ adds more heavy crude to the market, margin capture may disappoint. Thus, 2025 might present a year of two halves – weaker up front, stronger in the back, contends Wells.