Phillips 66 price target raised to $148 from $134 at Scotiabank

Scotiabank raised the firm’s price target on Phillips 66 to $148 from $134 and keeps an Outperform rating on the shares. The post-earnings stock rally is justified considering a substantial portion of the refining margin uplift in Q4 can be attributed to Phillips 66’s commercial optimization efforts, the analyst tells investors in a research note.