PBF Energy (PBF) Double Upgraded to ‘Overweight’

Group 1 - PBF Energy Inc. is recognized as one of the largest independent petroleum refiners and suppliers of various petroleum products in the United States [2] - The stock was double upgraded from Underweight to Overweight by Piper Sandler, with a revised price target of $40, indicating a 22% upside potential from the current share price [3] - The company expects the rebuild activities at its Martinez refinery, which has been operating at partial capacity since early 2025 due to fire damage, to progress into February [4] Group 2 - Despite lower organic cash flow generation compared to peers, insurance proceeds from the fire incident are expected to support the balance sheet and potentially provide shareholder returns if margins improve [5] - PBF Energy is positioned to benefit from the U.S. strategy in Venezuela, as it already purchases crude from Chevron and could increase its intake, which may enhance refining operations and margins [6]