UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on PBF Energy on Weak September Margins, Guidance

In a report published Monday, Deutsche Bank analyst Paul Sankey reiterated a Hold rating on

, but lowered the price target from $34.00 to $25.00. In the report, Deutsche Bank noted, “In this note we execute a further round of EPS cuts given the weakness of September margins and guidance across the board from refiners that capture will disappoint. Margins have started Q4 bad and we expect tough earnings season conference calls and more downgrades. Reinstating PBF coverage with a lowered $25 PT. We are 40% below 3Q consensus. We are waiting to get conviction on a turn in the EPS revision cycle, particularly for 2014. Not there yet. January refining conference, Boston 9th Jan '14 with twelve independent refiner CEOs/CFOs.” PBF Energy closed on Friday at $22.69.