UPDATE: Citigroup Initiates PBF Energy at Neutral on Valuation
Citigroup initiated coverage on PBF Energy (NYSE: PBF) with a Neutral rating and a $29.00 price target.
Citigroup commented, "While we have a positive view on the PBF story, we believe the stock is fairly valued. PBF consummated its initial public offering on December 12, 2013 at a price of $26 per share. PBF has a unique position in the Northeast market with the ability to run heavy crude through its Delaware City and Paulsboro refineries. This unique capability along with a large rail facility on the Northeast gives PBF a significant margin uplift this year and potentially in the future."
PBF Energy closed at $28.65 on Tuesday.
Latest Ratings for PBF
|Apr 2017||Goldman Sachs||Upgrades||Sell||Neutral|
|Feb 2017||Morgan Stanley||Downgrades||Overweight||Equal-Weight|
|Nov 2016||Wolfe Research||Upgrades||Peer Perform||Outperform|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.