PBF Energy downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded PBF Energy (PBF) to Underweight from Equal Weight with a price target of $27, up from $24. During Q3, refining stocks moved up by 20%, bringing the sector’s gain in 2025 to 30%, which is well above the broader energy group, the analyst tells investors in a research note. Morgan Stanley says refining valuations are now higher relative to history. It adjusted ratings and price targets to account for the latest strip prices through 2026. The firm remains constructive on the longer-term refining outlook, but “tactically” moved its industry view from Attractive to In-Line.