PBF Energy's Remarkable Rise: Analyst Highlights Transition From No Assets To Leader In Refining Upcycle
Portfolio Pulse from Lekha Gupta
BMO Capital Markets analyst Phillip Jungwirth initiated coverage on PBF Energy Inc with an Outperform rating and a price target of $60. The analyst believes PBF has benefited the most during the refining upcycle, erasing elevated financial leverage seen during COVID. The company has developed from no assets to approximately 1 million barrels per day of processing capacity and has a negative net debt position. Jungwirth expects refining margins to remain above mid-cycle in 2024, supporting strong FCF generation and capital returns.
October 05, 2023 | 6:51 pm
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POSITIVE IMPACT
PBF Energy has been given an Outperform rating by BMO Capital Markets analyst Phillip Jungwirth, who has set a price target of $60. The company has shown significant growth and is expected to continue performing well.
The positive rating and price target from the analyst indicate confidence in PBF Energy's performance and future prospects. The company's successful transition from no assets to a leader in the refining upcycle, along with its negative net debt position, are likely to have a positive impact on its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100