BofA reinstated coverage of Phillips 66 with a Buy rating and $156 price target Phillips 66 is a large diversified U.S. independent refiner with a non-refining footprint that is significantly larger than its peers, the analyst tells investors in a research note. The firm says only 30% of Phillips 66’s EBITDA comes from refining. It sees trends and catalysts in 2025 and 2026 that could unlock value, including the 2026 startup of two CPChem megacrackers and the rise of ethylene chain margins.
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