PBF Energy price target lowered to $17 from $19 at TD Cowen

TD Cowen analyst Jason Gabelman lowered the firm’s price target on PBF Energy (PBF) to $17 from $19 and keeps a Sell rating on the shares. The firm said they estimate a $160MM EBITDA impact for PBF on Martinez outage, though impacts should be mostly covered by insurance proceeds. The outage could provide indications as to how the West Coast will respond when another plant shuts in 4Q25.