PBF Energy price target lowered to $20 from $23 at Piper Sandler

Piper Sandler lowered the firm’s price target on PBF Energy (PBF) to $20 from $23 and keeps an Underweight rating on the shares. The firm notes PBF posted a mixed result with an EPS beat, which was largely clouded by a $880M cash burn vs PSC of $763M. Throughput guidance also came in weaker than expected. On a positive note, the company will receive $250M as a first installment of insurance proceeds and $175M from the sale of Terminal Assets, which should reduce some pressure on the balance sheet for the remainder of the year, although Piper expects balance sheet concerns to weigh on the stock through 2025.