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PBF Energy cut to Sell at Goldman, seeing limited growth potential

  • PBF Energy (PBF -6.3%) plummets after Goldman Sachs downgrades shares to Sell from Neutral with a six-month price target of $28, cut from $32, seeing limited upside potential after the stock's strong performance over the last six months.
  • Despite Q4 results that topped Wall Street expectations, Goldman's Neil Mehta sees concerns over the company’s ability to generate free cash flow, significant downside risk to consensus estimates and near-term risk to feedstock costs.
  • Mehta continues to rate refiner Marathon Petroleum (MPC -2.7%) as a Conviction Buy, and Phillips 66 (PSX -2%), Par Pacific (PARR -2.1%) and Valero (VLO +0.1%) as Buys.
  • PBF's average Sell Side Rating is Bullish, while its Seeking Alpha Authors' Rating and Quant Rating are Neutral.

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