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.
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Read More on PBF:
- PBF Energy initiated with an Outperform at BMO Capital
- PBF Energy rises 5.7%
- PBF Energy price target raised to $65 from $56 at BofA
- PBF Energy price target raised to $63 from $54 at Mizuho
- PBF Energy price target raised to $64 from $56 at Wells Fargo
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