PBF Energy price target raised to $65 from $63 at Piper Sandler

Piper Sandler analyst Ryan Todd raised the firm’s price target on PBF Energy to $65 from $63 and keeps an Overweight rating on the shares. The firm is also updating its estimates based on end of quarter mark to market and adjustments to its operating expectations. Despite headwinds to margin capture that have resulted in modest negative revisions across much of the refining space to date, above average West Coast exposure at PBF, as well as strong operations, drove positive revisions to Piper’s refining estimates.