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Fly News Breaks for October 21, 2019
PBF
Oct 21, 2019 | 07:25 EDT
As reported previously, Cowen analyst Jason Gabelman upgraded PBF Energy to Outperform from Market Perform. The analyst noted the company has peer-leading leverage to light/heavy crude diffs that he expects to widen as a result of IMO 2020. He said the market is already showing initial signs of that spread widening. He said a potential headwind is an equity raise to fund Martinez but he thinks it is unlikely to occur. Gabelman raised his price target to $42 from $30 on PBF Energy shares.
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