TD Cowen analyst Jason Gabelman lowered the firm’s price target on PBF Energy (PBF) to $19 from $20 and keeps a Sell rating on the shares. The firm said the stock was negatively impacted by a free cash flow miss and disclosure of a full shutdown at Martinez with unquantified duration. Cowen estimates if the asset is shut down for the duration of 1Q it could result in a 0.1B headwind while every month beyond could conservatively cost 20MM.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PBF:
- PBF Energy price target lowered to $25 from $34 at Wells Fargo
- Sell Rating for PBF Energy Amid Martinez Plant Shutdown and Financial Struggles
- PBF Energy Faces Operational Challenges Amidst Quarterly Loss
- PBF Energy provides strategic update
- PBF Energy reports Q4 adjusted EPS ($2.82), consensus ($2.78)