UPDATE: Morgan Stanley Initiates PBF Energy at Overweight on Risk/Reward
January 22, 2013 at 08:59 AM EST
Morgan Stanley initiated coverage on PBF Energy (NYSE: PBF ) with an Overweight rating and a $40.00 price target. Morgan Stanley noted, "PBF is the 5th largest US independent refiner. We see attractive risk/reward and a $40 target driven by relative and absolute re-rating (cheaper than peers on ‘14 EV/EBITDA),
