Citi analyst Vikram Bagri maintains $PBF Energy (PBF.US)$ with a hold rating, and adjusts the target price from $48 to $37.
According to TipRanks data, the analyst has a success rate of 26.1% and a total average return of -23.2% over the past year.
Furthermore, according to the comprehensive report, the opinions of $PBF Energy (PBF.US)$'s main analysts recently are as follows:
Analysts anticipate that PBF Energy may not meet expected levels of free cash flow and earnings for Q3, despite advancements in operating efficiency. Given the company's significant exposure to the challenging macro refining climate, especially on the West Coast, a considerable shortfall for Q3 is predicted.
The analyst suggests that the challenges for PBF Energy have reached their nadir, with indications of diesel demand recovery, and factors such as lower prices and payrolls potentially bolstering gasoline demand. Additionally, refined product inventories are reported to be below the usual levels. It's expected that increasing OPEC+ output in the coming years will benefit coastal refiners by expanding crude differentials. The analyst also notes that refining capacity expansions in the Western Hemisphere are anticipated to be constrained, as planned shutdowns in 2025 are likely to counterbalance the capacity added from recent startups and biofuel expansions.
Note:
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