Analyst Jason Gabelman of TD Cowen maintained a Sell rating on PBF Energy, boosting the price target to $25.00.
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Jason Gabelman has given his Sell rating due to a combination of factors impacting PBF Energy’s financial performance and outlook. Despite the company’s recent outperformance on earnings and the reaffirmation of the Martinez restart timeline, PBF Energy has struggled to generate positive free cash flow for six consecutive quarters. This trend is expected to persist into the future, even with anticipated mid-cycle crack spreads and improved differentials in 2026.
Additionally, while the company has received substantial insurance proceeds and asset sale inflows, these have not been sufficient to offset the negative free cash flow situation. The upcoming year is expected to be a heavy turnaround period, which could further strain financial resources and impact throughput expectations. These elements, combined with the company’s current valuation based on projected EBITDA, underpin Gabelman’s decision to maintain a Sell rating, albeit with an increased price target of $25.