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Analyst Actions: PBF Energy Initiated at Deutsche Bank with Hold Rating, $30 PT; Shares Flat In Pre Market
1/22/2013 7:53:00 AM
By: MT Newswires
Analysts at Deutsche Bank have initiated coverage of PBF Energy Inc. ( PBF ) with a Hold rating and a price target of $30 a share.
"PBF Energy ... has established itself as a play on the extension of the US oil revolution into East Coast refining," said Deutsche Bank. "Underpinned by a highly advantaged single Mid Con refinery, the next leg is to bring heavy Canadian crude by rail to Delaware, so revolutionizing crude costs. It makes sense, but we are currently underweight refining on weak demand."
Shares of PBF are unchanged in pre-market trading at $28.50, amid a 52-week range of $25.88 - $29.97.