PBF Energy downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded PBF Energy to Neutral from Overweight with a price target of $40, down from $53. The firm cites the company’s high exposure to refining cracks and to the West Coast for the downgrade, although it recognizes that PBF is better prepared for cyclical troughs today than in the past given its recently strengthened balance sheet. The analyst favors large cap refiners as the “safety trade” in a “trough-like environment.”