PBF Energy price target lowered to $23 from $24 at Piper Sandler

Piper Sandler analyst Ryan Todd lowered the firm’s price target on PBF Energy (PBF) to $23 from $24 and keeps an Underweight rating on the shares. With two months in the books in the First Quarter, the firm is adjusting its Q1 2025 and 2025 estimates for the refiners in-line with margins to date and the increase in 2025 full year margins. While significant market volatility year-to-date doesn’t exactly provide encouragement on the shelf life of Piper’s estimates, at present it sees downside to Q1 estimates, but generally 10%-15% upside for the remainder of 2025.