Phillips 66 price target lowered to $153 from $155 at Piper Sandler

Piper Sandler lowered the firm’s price target on Phillips 66 (PSX) to $153 from $155 and keeps a Neutral rating on the shares. One week following the removal of President Maduro, and the potential impacts continue to dominate conversation within the energy sector, the firm says. While the impact for crude markets has potential medium to long-term implications, Piper continues to believe that the near-term impact is greatest for the U.S. refiners. The firm expects that the combination of sanction relief and U.S. involvement will materially shift current crude trade flow, with the potential to shift 200 thousand barrels per day to more than 400 thousand barrels per day of volumes away from Asia and to the U.S. Gulf.