Piper Sandler analyst Ryan Todd raised the firm’s price target on Phillips 66 to $187 from $169 and keeps an Overweight rating on the shares. The analyst believes the independent refiner group is still relatively inexpensive on a longer-term view. The stocks are largely discounting “mid-cycle” EBITDAs in 2025, when adjusted for ongoing share buybacks, the analyst tells investors in a research note. Piper increased targets to reflect higher medium-term earnings power.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PSX:
- Phillips 66 Announces New Vice President and Controller
- Phillips 66 increases quarterly dividend 10% to $1.15 per share
- Phillips 66 call volume above normal and directionally bullish
- Early notable gainers among liquid option names on April 2nd
- Phillips 66 expands production of renewable diesel, updates on Rodeo Complex
