PBF Energy price target lowered to $29 from $31 at JPMorgan

JPMorgan analyst John Royall lowered the firm’s price target on PBF Energy (PBF) to $29 from $31 and keeps a Neutral rating on the shares. The firm updated Q1 estimates for the North America refiners given the move up in cracks since its assumptions were last made in mid January. JPMorgan says its below-consensus forecast on PBF is driven by expectations of capture headwinds in the West Coast due to timing of the Martinez outage.