Phillips 66 price target raised to $144 from $130 at Wells Fargo

Wells Fargo raised the firm’s price target on Phillips 66 to $144 from $130 and keeps an Overweight rating on the shares. The analyst increased earnings estimates across the refining sector. The firm’s “significant” upward revisions to Q3 earnings estimates reflect much stronger refining margins than previously expected, the analyst tells investors in a research note. Wells says the continued strength in refining margins reflects solid demand and relatively low product inventories.