PBF Energy: Persisting Free Cash Flow Challenges and Turnaround Strains Justify Sell RatingWe estimate this is the 6th consecutive quarter of negative FCF (ex-WC), with the last quarter of meaningful positive FCF in 3Q23. Cash flow benefited in 3Q25 from a $170MM asset sale inflow while 4Q25 will benefit from $250MM insurance proceeds. We continue to forecast limited FCF at mid-cycle cracks (i.e., 2026) even assuming $11/bbl light/heavy diffs, in line with historically average levels. Maintain Sell, increase to $25 price target based on 5x '26 EBITDA. See our earnings quick take here.