Piper Sandler lowered the firm’s price target on Phillips 66 (PSX) to $144 from $147 and keeps a Neutral rating on the shares. The firm notes investors were increasingly cautious/nervous on refining stocks entering Q2 results, and while the combination of seasonality and valuation may yet drive a pullback, it would not be as a result of Q2 results. Additionally, while Piper remains bullish the outlook for Renewable Diesel margins in 2026, continued regulatory uncertainty and margin weakness are driving Q3 production cuts and negative revisions to the second half of 2025 RD earnings.
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