PBF Energy downgraded to Underweight from Neutral at Piper Sandler

Piper Sandler downgraded PBF Energy to Underweight from Neutral with a price target of $25, down from $47. The combination of incremental refined product capacity and weaker than expected demand have led Piper to adjust its 2025 refined product outlook, where it now expects global supply/demand balances to be roughly flat with 2024. The firm sees material downside to current Street estimates and views independent refiner valuations at current levels as “stretched,” offering limited upside heading into year-end. Piper downgraded a number of stocks to reflect the near-term headwinds.