BMO Capital analyst Phillip Jungwirth raised the firm’s price target on PBF Energy (PBF) to $50 from $43 and keeps a Market Perform rating on the shares. The firm is marking-to-market Q1 estimates for PBF, although this results in little change to forecasts as capture headwinds and West Coast downtime offset higher March cracks, the analyst tells investors in a research note. BMO adds it expects a stronger Q2 however with PBF better positioned to capture higher cracks.
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