Jefferies analyst Lloyd Byrne raised the firm’s price target on Phillips 66 (PSX) to $137 from $133 and keeps a Hold rating on the shares. The firm expects modest midstream gains in Q3 despite commodity headwinds, steady chemical margins with expansions on track, renewable fuels losses cushioned by PTC benefits and marketing at the low end of guidance. Meanwhile, Jefferies forecasts EPS of $2.17 per share, roughly 7% below the consensus estimate of $2.22, driven by lower capture rates in all geographic locations, excepting the Atlantic Basin.
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