BofA lowered the firm’s price target on PBF Energy (PBF) to $20 from $25 and keeps an Underperform rating on the shares. While Trump decisions could move the needle for specific stocks, the firm reiterates cautious stances on both oil macro and refining valuations, calling the “key stories” the next OPEC decision and how refined product demand tracks through the year after a “very weak” 2024.
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