PBF Energy price target lowered to $53 from $63 at Mizuho

Mizuho analyst Nitin Kumar lowered the firm’s price target on PBF Energy to $53 from $63 and keeps a Neutral rating on the shares. The analyst updated estimates ahead of Q3 earnings for the U.S. refiners. Overall, the firm sees an increase in earnings quarter-over-quarter, driven primarily by sequentially higher crack spreads and utilization, though partially offset by capture headwinds such as narrower heavy sour crude differentials and pricing lag for secondary products.