Piper Sandler analyst Ryan Todd lowered the firm’s price target on Phillips 66 to $136 from $151 and keeps an Overweight rating on the shares. The combination of incremental refined product capacity and weaker than expected demand have led Piper to adjust its 2025 refined product outlook, where it now expects global supply/demand balances to be roughly flat with 2024. The firm sees material downside to current Street estimates and views independent refiner valuations at current levels as “stretched,” offering limited upside heading into year-end. Piper downgraded a number of stocks to reflect the near-term headwinds.
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