Goldman Sachs Upgrades PBF Energy (PBF) to Neutral

Goldman Sachs upgraded PBF Energy (NYSE: PBF) from Sell to Neutral with a price target of $23.00 (from $22.00).

Analyst Neil Mehta upgrades PBF noting a roll over in the risk/reward valuation and he sees the market better suited in the near-term for PBF. One of his top concerns is the viability of the company dividend and he needs the company to cut capital spending while maintaining the dividend before he re-rates up to Buy.

He lowers his FY 2017 EPS form a gain of $0.94 to a loss of $0.28. He raises FY 2018 EPS estimate from $1.63 to $1.81 and raises FY 2019 EPS from $2.23 to $2.39.

For an analyst ratings summary and ratings history on PBF Energy click here. For more ratings news on PBF Energy click here.

Shares of PBF Energy closed at $21.93 yesterday.

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