Raymond James lowered the firm’s price target on Phillips 66 (PSX) to $140 from $150 and keeps an Outperform rating on the shares. The firm expects the Q1 earnings season for refiners will be challenged, and while margin indicators improved from Q4, it was not enough to overcome challenges to margin capture rates, the analyst tells investors in a research note. Through the short term, the macro will most likely be noisy, Raymond James thinks the mid-to-longer term macro should improve with fundamentals and make way for an inflection point for refining margins.
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