JPMorgan raised the firm’s price target on Phillips 66 to $167 from $149 and keeps an Overweight rating on the shares. The analyst updated refiner models by marking to market Q1 cracks and crude differentials and updated Q2 assumptions to reflect the current environment. Improved fundamentals are driven by supply, but are largely priced into the shares, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PSX:
- WTI Crude Oil (CM:CL) Slips amid Soft Demand, Stronger Dollar
- Phillips 66 weighs sale of REX pipeline worth over $1B, Reuters reports
- Valero price target raised to $197 from $167 at UBS
- Phillips 66 price target raised to $167 from $135 at Mizuho
- Phillips 66 price target raised to $180 from $150 at BofA
