PBF Energy price target lowered to $28 from $31 at Mizuho

Mizuho lowered the firm’s price target on PBF Energy (PBF) to $28 from $31 and keeps an Underperform rating on the shares as part of a Q4 preview. The firm expects 60% and 30% misses on EBITDA and earnings, respectively, in Q4 versus the consensus. The magnitude of these losses is amplified by PBF’s higher leverage to the weak refining macro versus peers, the analyst tells investors in a research note. Mizuho cut the target to reflect weaker market conditions over the near term.