Goldman Sachs downgraded Phillips 66 (PSX) to Neutral from Buy with an unchanged price target of $132, implying 8% total return from current levels. The firm sees limited upside to its sum-of-the-parts valuation of $135 per share, particularly following the stock’s year-to-date outperformance. Phillips 66 has outperformed its refining peers by 14% in 2025, the analyst tells investors in a research note. For investors looking for large-cap refining exposure, Goldman continues to highlight Marathon Petroleum (MPC).
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