BofA analyst Jean Ann Salisbury lowered the firm’s price target on Phillips 66 (PSX) to $147 from $156 and keeps a Buy rating on the shares. While Trump decisions could move the needle for specific stocks, the firm reiterates cautious stances on both oil macro and refining valuations, calling the “key stories” the next OPEC decision and how refined product demand tracks through the year after a “very weak” 2024. However, the firm maintains a Buy on Phillips 66 as “a sum of the parts story,” the analyst noted.
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