Deutsche Bank Starts PBF Energy (PBF) at Hold

Deutsche Bank initiates coverage on PBF Energy (NYSE: PBF) with a Hold. PT $30.00.

The firm comments, "US East Coast refining, after European refining, could be described as a market where angels fear to tread. Both have high crude input costs, weak demand & excess capacity. PBF Energy, chaired by refining legend Tom O’Malley, remembered for triumphs with Tosco & Premcor, less fondly for the struggle with European Petroplus, has established itself as a play on the extension of the US oil revolution into East Coast refining. Underpinned by a highly advantaged single Mid Con refinery, the next leg is to bring heavy Canadian crude by rail to Delaware, so revolutionizing crude costs. It makes sense, but we are currently underweight refining on weak demand."

For an analyst ratings summary and ratings history on PBF Energy click here. For more ratings news on PBF Energy click here.

Shares of PBF Energy closed at $28.50 yesterday.

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