PBF Energy price target raised to $61 from $50 at Piper Sandler

Piper Sandler raised the firm’s price target on PBF Energy to $61 from $50 and keeps a Neutral rating on the shares. The analyst believes the independent refiner group is still relatively inexpensive on a longer-term view. The stocks are largely discounting “mid-cycle” EBITDAs in 2025, when adjusted for ongoing share buybacks, the analyst tells investors in a research note. Piper increased targets to reflect higher medium-term earnings power.