PBF Energy downgraded to Neutral on valuation at Mizuho

Mizuho analyst Nitin Kumar downgraded PBF Energy to Neutral from Buy with a price target of $58, up from $53. Although the refiner industry continues to improve asset performance, margin capture, and cost control, stock prices have outperformed crack spreads while crack futures remain roughly in line with historical averages, the analyst tells investors in a research note. The firm raised price targets by 16% across its coverage, but sees only 2% upside from current share levels. As such, it is moving further to the sidelines by downgrading PBF.