Mizuho analyst Nitin Kumar lowered the firm’s price target on PBF Energy to $36 from $42 and keeps a Neutral rating on the shares. The firm expects a free cash flow and earnings miss for PBF Energy in Q3 despite improved operating efficiency. With the highest leverage to the weak macro refining environment, particularly in the West Coast, Mizuho expects a sizable Q3 miss from PBF, the analyst tells investors in a research note.
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Read More on PBF:
- PBF Energy price target lowered to $39 from $51 at Wells Fargo
- PBF Energy downgraded to Market Perform from Outperform at BMO Capital
- PBF Energy downgraded to Neutral from Overweight at JPMorgan
- PBF Energy downgraded to Underweight from Neutral at Piper Sandler
- PBF Energy price target lowered to $38 from $48 at Morgan Stanley