UPDATE: Deutsche Bank Initiates PBF Energy at Hold on Weak Refining Demand
Deutsche Bank initiated coverage on PBF Energy (NYSE: PBF) with a Hold rating and a $30.00 price target.
Deutsche Bank said, "PBF Energy, chaired by refining legend Tom O'Malley, remembered for triumphs with Tosco & Premcor, less fondly for the struggle with European Petroplus, has established itself as a play on the extension of the US oil revolution into East Coast refining. Underpinned by a highly advantaged single Mid Con refinery, the next leg is to bring heavy Canadian crude by rail to Delaware, so revolutionizing crude costs. It makes sense, but we are currently underweight refining on weak demand."
PBF Energy closed at $28.50 on Friday.
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