As previously reported, Wolfe Research analyst Doug Leggate downgraded PBF Energy (PBF) to Underperform from Peer Perform with a $23 price target while moving to a tactical underweight in the U.S. refining sector. The decline in West Coast margins has removed the tailwind the firm saw as necessary to support recent absolute outperformance and more broadly for the U.S. refining sector the firm sees a series of headwinds, led by distillate cracks rolling lower on robust European inventories and skewed risk in the event of peace in Ukraine, the analyst tells investors.
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