Fri Sep 20 12:16:03 UTC 2024: ## PBF Energy Downgraded by Piper Sandler, Stock Price Target Cut
**New York, NY** – Piper Sandler analysts have downgraded PBF Energy (NYSE: PBF) from “neutral” to “underweight” on Friday, setting a new price target of $25.00, representing a potential 26.21% downside from the company’s previous closing price.
This move comes after PBF Energy reported a disappointing earnings report on August 1st, missing analysts’ estimates for both earnings and revenue. The company’s revenue also declined by 4.6% compared to the same quarter last year.
Piper Sandler’s downgrade is not an isolated event. Other analysts have also lowered their price targets on PBF Energy recently. UBS Group dropped theirs to $44.00 and Wells Fargo & Company lowered their target to $51.00.
Despite these bearish sentiments, some analysts remain optimistic. Wells Fargo & Company maintains an “overweight” rating on PBF Energy, while Tudor Pickering upgraded the stock to a “strong sell” rating.
Overall, the consensus rating for PBF Energy is currently “Hold” with an average price target of $47.91.
While the recent earnings report and analyst downgrades present a challenging outlook for PBF Energy, the company’s insider activity offers some glimmer of hope. Control Empresarial De Capital purchased 50,000 shares of the company’s stock in August, a transaction worth $1.78 million.
Investors will be closely watching PBF Energy’s future performance as the company navigates a volatile market environment.
First Piper 