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PBF - PBF Energy Inc News Story

$16.59 0.9  5.6%

Last Trade - 05/05/21

Sector
Energy
Size
Mid Cap
Market Cap £1.36bn
Enterprise Value £4.07bn
Revenue £10.63bn
Position in Universe 2290th / 6846

BUZZ-CS upgrades refiner PBF Energy, 'constructive' on sector

Mon 12th April, 2021 11:37am
** Credit Suisse upgrades refiner  PBF.N  to "neutral" from
"underperform"
    ** Raises PT to $17 from $8.75, which implies an upside of
~24% to stock's last close
    ** While CS still sees FCF generation an issue with the co,
says it cannot remain 'underperform' on co as it becomes
constructive on the sector
    ** Brokerage notes as more people are getting vaccinated in
the United States and economic activity is resuming, faster
recovery in product demand is expected
    ** Says as OPEC+ barrels return to market, the wider heavy
and medium crude discounts would disproportionately benefit PBF
which is a buyer of these crudes
    ** If Iranian barrels do come back to market, it would drive
further widening and also help rivals Valero  VLO.N  and
Marathon Petroleum  MPC.N 
    ** Lower crude oil prices are seen as a boon for refining
margins, but when prices on gasoline and jet fuel plummeted last
year, refiners' profitability was sapped
    ** PBF shares gained over 90% this year, as vaccine
roll-outs spur hopes of more air travel

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))
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