UPDATE: Dahlman Rose Reiterates Buy Rating, Raises PT on PBF Energy on 4Q12 Earnings

In a report published Friday, Dahlman Rose reiterated its Buy rating on PBF Energy

, and raised its price target to $48.00. Dahlman Rose noted, “Earnings highlight strong refining market ahead of improved crude slate. Although 4Q12 did not reflect the company's full refining platform, ahead of the expanded Del. City rail terminal, a strengthening refining market allowed for strong results. PBF reported EPS and EBITDA of $1.70 and ~$311MM, respectively, ahead of our $1.30/$252MM estimates. The beat was due to better-than-expected refining performance at Toledo (~$22/bbl margin vs ~$18 forecast), with the company noting strong price recovery in ancillary products such as Benzine and LPGs. Other items were largely in line, with several cost items higher than normal due to IPO and turnaround expenses.” PBF Energy closed on Thursday at $38.17.