Phillips 66 price target raised to $130 from $111 at Wells Fargo

Wells Fargo analyst Roger Read raised the firm’s price target on Phillips 66 to $130 from $111 and keeps an Overweight rating on the shares. Outlook for cost savings and cash returns to shareholders are unchanged, the firm notes. Wells thinks diversification and structural improvements in refining opex/uptime lend upside to valuation and profitability.