PBF Energy downgraded to Sell from Hold at TD Cowen

TD Cowen analyst Jason Gabelman downgraded PBF Energy (PBF) to Sell from Hold with a price target of $20, down from $27. PBF has generated peer-low refining results per barrel over the past 18 months, the analyst tells investors in a research note. The firm says the company’s high cost refining system combined with weak light/heavy diffs creates a challenging environment for its configuration. Moreover, TD expects PBF’s “peer-leading” West Coast exposure to be a detriment through 2025 given increasing renewable diesel imports and continued gasoline demand destruction.