Piper Sandler lowered the firm’s price target on Phillips 66 (PSX) to $147 from $148 and keeps a Neutral rating on the shares ahead of the Q2 report. The firm sees potential for a modest pullback in the independent refiner group given the recent rally in the sector. However, positive earnings revisions in the back of half of the year, distillate strength and tightening global product supply/demand balances in 2026 and 2027 “will provide some amount of support,” the analyst tells investors in a research note.
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