Phillips 66 price target raised to $136 from $130 at Piper Sandler

Piper Sandler raised the firm’s price target on Phillips 66 to $136 from $130 and keeps an Overweight rating on the shares following the Q2 report. While still below Q2 of 2022 peaks, independent refiner margins are increasingly supportive of the thesis that structural tightness in the global products market would prove more durable than the market feared, the analyst tells investors in a research note.