Goldman Sachs Lifts PBF Energy Price Target to $81.00 Amid Refining Margin Boost

The Goldman Sachs Group has raised its price target for PBF Energy (NYSE:PBF) to $81.00, a potential upside of 7.94% from the stock's current price.

This is not the only adjustment, as several other firms have also revised their projections for PBF in recent weeks. UBS Group raised its price objective on PBF Energy from $62.00 to $84.00 and gave the company a 'buy' rating. Evercore assumed coverage on shares of PBF Energy with an 'in-line' rating and a $58.00 price target.

PBF has been a beneficiary of oil volatility and tight fuel supply, which has driven up refining margins. The company reported adjusted second-quarter earnings of $6.22 per share, well above the $4.15 consensus estimate. Revenue rose 56.2% to $11.68 billion.