Phillips 66 downgraded to Sell from Hold at Freedom Capital

Freedom Capital analyst Sergey Pigarev downgraded Phillips 66 (PSX) to Sell from Hold with a $138 price target The “euphoria” in the U.S. oil and gas sector triggered by the U.S. operation in Venezuela is “unjustified,” contends the analyst, who calls rising oil and gas equities amid declining oil prices “a dangerous game for investors.” The sharp rally in U.S. oil and gas stocks over recent months shows little regard for the sector’s negative fundamental backdrop, marked by falling oil prices and an oversupplied market, the analyst argues.