BofA cuts PTs of US refining stocks on potential recession risk
BofA Global Research says that while recession in the U.S. is not the most likely outcome, it will consider the potential impact of a recession on refining stocks
Says tariff uncertainty can weigh on investment, consumption and employment, creating a recessionary environment
Brokerage says tariff policy has been changing by the day; global tariff burden remains high considering a >100% rate on China and 10% blanket tariff for the rest of the world
"A recession scenario would impact refiners via falling driving-related consumption, and falling shipping volumes which would impact distillate demand" - brokerage says
Brokerage also cuts price targets on the following firms:
Company | New PT | Old PT | Upside/downside to stock's last close |
Chevron CVX.N | $172 | $180 | 27.1% |
Exxon Mobil XOM.N | $114 | $122 | 10.3% |
Occidental Petroleum OXY.N | $42 | $52 | 10.8% |
Valero Energy VLO.N | $121 | $143 | 9.7% |
Phillips 66 PSX.N | $126 | $147 | 28.8% |
PBF Energy PBF.N | $14 | $17 | 7.3% downside |
Marathon Petroleum MPC.N | $137 | $153 | 9.7% |
Delek US Holdings DK.N | $12 | $14 | 4.3% downside |
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