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Fly News Breaks for February 27, 2017
PBF
Feb 27, 2017 | 08:04 EDT
As previously reported, Morgan Stanley downgraded PBF Energy to Equal Weight from Overweight and lowered its price target to $26 from $36. Analyst Benny Wong said the US refining landscape is increasingly challenged given inventory levels remain elevated and crack spreads in key regions are tracking 10% below his Q1 forecasts. Wong said PBF's merchant model is the most sensitive to crack spreads and expects operational challenges to be a near-term sentiment overhang.
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