The Fly

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.

Published first on TheFly

See Insiders’ Hot Stocks on TipRanks >>

Read More on PSX:

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More