Wells Fargo lowered the firm’s price target on PBF Energy to $39 from $51 and keeps an Overweight rating on the shares. The analyst believes cracks have bottomed, diesel demand is improving, lower prices and payrolls support gasoline demand and refined product inventories are below normal. Rising OPEC+ production in 2025 should widen crude diffs favoring coastal refiners, the analyst tells investors in a research note. Wells thinks Western Hemisphere refining capacity expansions are limited as planned closures in 2025 offset gains from recent startups and biofuel expansions.
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:
- 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
- PBF Energy price target lowered to $42 from $48 at Mizuho