PBF Energy price target lowered to $17 from $20 at BofA

BofA analyst Jean Ann Salisbury lowered the firm’s price target on PBF Energy (PBF) to $17 from $20 and keeps an Underperform rating on the shares. Year-to-date revisions for FY25 EBITDA have been negative across the firm’s refiners coverage, “especially so” for PBF and Delek US (DK), the analyst tells investors in an earnings recap for the refiner group. The “major earnings surprise” to the negative was from PBF’s lack of confidence of a date for the return of the Martinez refinery, notes the analyst, who believes the stock being down 13% the day of earnings despite a relatively small fundamental impact to EBITDA was due to a multiple de-rating on poor reliability, which BofA calls “deserved.”