Phillips 66 price target raised to $155 from $154 at Piper Sandler

Piper Sandler analyst Ryan Todd raised the firm’s price target on Phillips 66 (PSX) to $155 from $154 and keeps a Neutral rating on the shares. The firm notes that for months, part of the constructive thesis on refining has been the flip side of investors’ bearish thesis on crude, namely that the flood of OPEC+ barrels would both put downward pressure on crude price and drive wider crude differentials. While it clearly hasn’t been an impediment in refining performance, crude differentials have remained stubbornly narrow throughout 2025, it adds. However, spiking VLCC tanker rates out of the Persian Gulf may be a sign that incremental OPEC barrels are finally on the water – worth keeping an eye on for the potential of widening crude differentials into year-end, Piper says.