PBF Energy price target raised to $22 from $21 at Piper Sandler

Piper Sandler raised the firm’s price target on PBF Energy (PBF) to $22 from $21 and keeps an Underweight rating on the shares. Two weeks into 2nd Quarter refining earnings and results remain constructive, the firm notes. While PBF’s refining result was somewhat modest, the biggest takeaway may be that West Coast markets are likely to stay tighter for longer, with the Martinez refinery re-start pushed back a couple of months to year end.