Piper Sandler analyst Ryan Todd raised the firm’s price target on Phillips 66 to $149 from $134 and keeps an Overweight rating on the shares. With the oil market looking increasingly range-bound and stocks trading at reasonable valuations at the forward curve, the firm enters 2024 still moderately constructive, but less outright bullish than recent years. And while the drivers of near-term revisions are less obvious, Piper continues to see opportunities across the space as portfolio differentiation drives relative performance. Further, the firm believes market concerns on incremental capacity are overdone, and sees global product balances remaining tight and margins supportive.
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