PBF Energy price target lowered by $1 at Wells Fargo, here’s why

Wells Fargo lowered the firm’s price target on PBF Energy to $63 from $64 and keeps an Overweight rating on the shares. PBF is the firm’s top pick among the mid-cap refiners which is consistent with its Overweight rating. The stock appears inexpensive even employing a 4.0-times multiple on Wells’ 2025 EBITDA forecast. The firm believes the company’s recent and significant improvements in its balance sheet are simply underappreciated by the market.