Delek US, PBF Energy surge as TD Cowen upgrades both refiners

Delek US and PBF Energy stocks surged as TD Cowen upgraded both refiners. Delek was upgraded to Buy, citing undervalued equity and significant upside from small refinery exemptions worth $18/share, supported by consistent RIN refunds. PBF was upgraded to Hold, highlighting robust margins, strong earnings leverage, and expected $2B in free cash flow for deleveraging.