TD Cowen raised the firm’s price target on Phillips 66 to $150 from $134 and keeps an Outperform rating on the shares. The firm said the market is skeptical of the company’s refining improvement program but they believe it can achieve its refining opex reduction goals given it is in line with pre-Covid performance, while activism involvement could result in a bigger focus on commercial excellence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on PSX:
- Early notable gainers among liquid option names on November 30th
- Phillips 66 ‘plans to continue a constructive dialogue’ with Elliott Investment
- Wells says activist shareholder can be positive catatlyst for Phillips 66
- Phillips 66 (NYSE:PSX) Jumps as Elliott Takes a Stake
- Elliott seeks Phillips 66 board seats, sees 75% share upside
