BofA Global Research raises PT of U.S refiners on improving margins
03/09/2025 16:00
** BofA Global Research says refining has performed "better than expected" ** Brokerage believes 2026 crack, a proxy for refining margins, to be slightly lower yet not low enough to drive enough closure announcements ** Brokerage raises price target on the following companies:
| Company | New PT | Old PT | Upside/downside to stock's last close |
| Marathon PetroleumMPC.N | $192 | $184 | 6.6% |
| Phillips 66 PSX.N | $147 | $144 | 9.8% |
| Valero Energy VLO.N | $179 | $152 | 16% |
| PBF Energy PBF.N | $21 | $16 | 26% downside |
| Delek US Holdings DK.N | $24 | $14 | 22.6% downside |
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