PBF Energy price target lowered to $18 from $22 at Wells Fargo

Wells Fargo lowered the firm’s price target on PBF Energy (PBF) to $18 from $22 and keeps an Equal Weight rating on the shares. The firm says that a combo of uncertainty on NorCal unit restart, narrow crude diffs and macro fears is keeping investors cautious. Better WC cracks and insurance recoveries ease CFFO and dividend concerns, Wells adds.