Evercore ISI analyst Stephen Richardson initiated coverage of Phillips 66 (PSX) with an Outperform rating and $130 price target Phillips 66 offers “one of the most dynamic portfolio configurations” in the U.S. downstream sector, the analyst tells investors in a research note. The firm says that following a period of underperformance in refining and margin compression in chemicals, the company is undergoing a “deliberate transformation,” marked by operational upgrades, midstream consolidation, and strategic repositioning. Evercore believes improvements in Phillips’ refining capture rates, cost control, and clarity around divestitures and deleveraging should narrow the stock’s 10% discount to peers.
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