Mizuho analyst Nitin Kumar upgraded PBF Energy (PBF) to Neutral from Underperform with a price target of $38, up from $31. The firm expects West Coast product balances to become tighter in 2026 and remain in deficit until 2029. PBF is the most exposed now that the Martinez refinery restart is imminent, the analyst tells investors in a research note. Mizuho sees an opportunity for the shares to re-rate in line with peers.
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