Phillips 66 price target raised to $130 from $127 at Piper Sandler

Piper Sandler raised the firm’s price target on Phillips 66 to $130 from $127 and keeps an Overweight rating on the shares. The analyst reduced independent refiner estimates to reflect a combination of mark to market on Q2 commodity pricing, as well as adjustments to operating assumptions. The new estimates show the impact of unplanned downtime, narrowing heavy differentials and narrowing jet/diesel spreads, offset slightly by strength in retail, the analyst tells investors in a research note.