UBS analyst Manav Gupta lowered the firm’s price target on PBF Energy to $34 from $44 and keeps a Neutral rating on the shares. With Hurricane season nearly coming to end and having no major impact on supply, both gasoline and diesel margins are dropping, the analyst tells investors in a research note. The firm sees lower cracks a headwind to earnings for the independent refiners. Driven by lower cracks, UBS cut estimates and price targets across the group.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PBF:
- Insider Trading: PBF Energy (PBF) Insider Piles on Stock Worth $41M
- PBF Energy downgraded to Sell from Hold at TPH&Co.
- PBF Energy reports Q2 adjusted EPS (54c), consensus (15c)
- PBF Energy Announces Second Quarter 2024 Results and Declares Dividend of $0.25 per Share
- PBF Earnings Report this Week: Is It a Buy, Ahead of Earnings?