Phillips 66 price target raised to $155 from $116 at Piper Sandler

Piper Sandler analyst Ryan Todd raised the firm’s price target on Phillips 66 to $155 from $116 and keeps an Overweight rating on the shares. Despite investor concerns of a "one off" uplift to refining margins in 2022, recent earnings results from the independent refiners and "persistent systemic tightness have made it abundantly clear that global tightness in refined product markets is likely to persist for quite some time," Todd tells investors in a research note. The analyst increased his 2023 outlook for refining margins to within 10% of 2022 margins.