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Fly News Breaks for February 18, 2020
VLO, PARR, PSX, MPC, PBF
Feb 18, 2020 | 05:04 EDT
Goldman Sachs analyst Neil Mehta downgraded PBF Energy (PBF) to Sell from Neutral with a six-month price target of $28, down from $32. While the company's Q4 results came in ahead of expectations, the analyst is concerned about PBF's lack of free cash flow generation power through the cycle. He sees "significant" downside risk to consensus estimates and near-term risk to feedstock costs. Among U.S. refiners, Mehta continues to rate Marathon Petroleum (MPC) with a Conviction Buy and Phillips 66 (PSX), Par Pacific (PARR) and Valero (VLO) with Buys.
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