Dahlman Rose initiated coverage on PBF Energy (NYSE: PBF) with a Buy rating and a $40.00 price target.
Dahlman Rose said, “Against a near-term backdrop of demand concerns and product weakness, PBF is positioned both as a levered play on mid-con differentials and as a value story around crude optionality. Though the group is likely to remain correlated in the near term, we expect outperformance in general. Our price target is based on 4.5x EV/EBITDA.”
PBF Energy closed at $29.47 on Friday.
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Tags: Dahlman Rose
Posted in: Analyst Color, Initiation, Pre-Market Outlook, Analyst Ratings