As previously reported, Piper Sandler double upgraded PBF Energy (PBF) to Overweight from Underweight with a price target of $40, down from $42. The firm expects West Coast balances to tighten materially in 2026. Despite the delay at Martinez, PBF remains amongst the most levered to PADD 5. While organic free cash flow generation trails peers, insurance proceeds will provide needed balance sheet support, offering the potential for shareholder returns should margins show upside, Piper adds. At about 4-times EV/EBITDA, valuation remains inexpensive, and it is the only U.S. refiner trading well below its recent highs.
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Read More on PBF:
- PBF Energy upgraded to Overweight from Underweight at Piper Sandler
- PBF sees rebuild activities at Martinez refinery progressing into February
- PBF Energy sees FY26 West Coast throughput 280K-300K barrels per day
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