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Fly News Breaks for June 20, 2017
CVRR, PBF
Jun 20, 2017 | 07:12 EDT
As previously reported, Credit Suisse analyst Edward Westlake downgraded PBF Energy (PBF) to Underperform from Neutral, stating that its weaker product markets and light-heavy differentials give it the "greatest grey sky risk" to weaker refining fundamentals. He lowered his price target on PBF shares to $18 from $22. The analyst, who cut his 2017 EBITDA forecast for the U.S. independent refiner group by 5% this morning, also downgraded CVR Refining (CVRR) to Neutral from Outperform.
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