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Phillips 66 price target lowered to $147 from $149 at Wells Fargo

Wells Fargo analyst Roger Read lowered the firm’s price target on Phillips 66 (PSX) to $147 from $149 and keeps an Overweight rating on the shares. Given seasonality and persistently narrow crude differentials, the firm continues to favor the large refiners over the smid-caps. Wells is adjusting its EPS estimates across its refining coverage on its updated forecasts and capture assumptions.

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