Market Overview

UPDATE: Morgan Stanley Initiates PBF Energy at Overweight on Risk/Reward

Morgan Stanley initiated coverage on PBF Energy (NYSE: PBF) with an Overweight rating and a $40.00 price target.

Morgan Stanley noted, "PBF is the 5th largest US independent refiner. We see attractive risk/reward and a $40 target driven by relative and absolute re-rating (cheaper than peers on ‘14 EV/EBITDA), formation of a midstream MLP (+$7/sh) and earnings upside (+10% higher). We expect rail will resurrect East Coast refining. … We see potential for improved capture rates in North East as system runs in new configuration (EPS upside), potential for MLP formation in ‘13-14 ($7/sh uplift) and increased disclosure to help the Street to recognize PBF's true earning's power."

PBF Energy closed at $28.50 on Friday.

Latest Ratings for PBF

DateFirmActionFromTo
Aug 2014Credit SuisseMaintainsNeutral
Aug 2014Bank of AmericaDowngradesBuyNeutral
Jul 2014BarclaysInitiates Coverage onEqual-weight

View More Analyst Ratings for PBF
View the Latest Analyst Ratings

Posted-In: Morgan StanleyAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

Related Articles (PBF)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters