UPDATE: Citigroup Initiates PBF Energy at Neutral on Valuation

Citigroup initiated coverage on PBF Energy 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.