PBF Energy (PBF -4.3%) is downgraded to Equal Weight from Overweight with a $28 price target at...

|About: PBF Energy (PBF)|By:, SA News Editor

PBF Energy (PBF -4.3%) is downgraded to Equal Weight from Overweight with a $28 price target at Morgan Stanley. With its rail transport facility, PBF should deliver Bakken crude to the east coast at ~$12/bbl by year-end, or $2-$3/bbl below other east coast refiners, but the firm sees higher RIN prices as a headwind, with an estimated 2013 RIN obligation of ~$225M at current prices.

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