UBS analyst Manav Gupta lowered the firm’s price target on PBF Energy (PBF) to $30 from $34 and keeps a Neutral rating on the shares, citing the weakness in “cracks.” UBS sees the potential closure of LyondellBasell’s (LYB) Houston refinery and Phillips 66’s (PSX) Los Angles refinery in 2025 helping to balance the market and drive higher earnings in 2026 relative to 2024 and 2025, the analyst tells investors in a research note.
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