PBF Energy price target lowered to $25 from $34 at Wells Fargo

Wells Fargo lowered the firm’s price target on PBF Energy (PBF) to $25 from $34 and keeps an Equal Weight rating on the shares on cash flow adjustments associated with Martinez. Wells maintains the dividend but assumes zero share repos in 2025. The firm says uncertainty regarding the magnitude of the unplanned downtime and repair costs of the Martinez refining unit keep it on the sidelines.