JPMorgan analyst John Royall lowered the firm’s price target on Phillips 66 (PSX) to $140 from $141 and keeps an Overweight rating on the shares. The firm updated models going into 2025 for the refining group. The global refining system continues run at high utilizations following the heavy Spring maintenance season, the analyst tells investors in a research note. JPMorgan sees global refinery supply growth looking similar to demand growth in 2025 and therefore does not expect a significant rebound in cracks and share price performance, particularly absent unplanned supply events or incremental voluntary run cuts globally.
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