What To Know About Piper Sandler's Downgrade of PBF Energy
Portfolio Pulse from Benzinga Insights
Piper Sandler has downgraded PBF Energy (NYSE:PBF) from its previous rating to Neutral, adjusting the price target from $65.00 to $50.00. Following the downgrade, PBF Energy's shares have fallen by 2.52% to $40.96. The new price target suggests a potential upside of 22.07% from the current share price. PBF Energy is an independent petroleum refiner with operations in refining and logistics, owning refineries across various states and operating logistics assets through PBFX.
January 08, 2024 | 5:00 pm
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NEGATIVE IMPACT
Piper Sandler downgraded PBF Energy to Neutral and reduced the price target from $65.00 to $50.00. PBF's stock price has decreased by 2.52% to $40.96 following the downgrade.
The downgrade by Piper Sandler is a direct negative sentiment towards PBF Energy's stock, likely leading to a short-term negative impact on the stock price. The reduction in the price target, despite still being above the current trading price, reflects a more conservative outlook on the company's future performance. The immediate drop in share price post-announcement indicates market agreement with the downgrade.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100