UPDATE: Dahlman Rose Initiates PBF Energy at Buy on Valuation, Unique Crude Positioning

Dahlman Rose initiated coverage on PBF Energy

with a Buy rating and a $40.00 price target. Dahlman Rose said, "Against a near-term backdrop of demand concerns and product weakness, PBF is positioned both as a levered play on mid-con differentials and as a value story around crude optionality. Though the group is likely to remain correlated in the near term, we expect outperformance in general. Our price target is based on 4.5x EV/EBITDA." PBF Energy closed at $29.47 on Friday.