Morgan Stanley raised the firm’s price target on Phillips 66 (PSX) to $140 from $128 and keeps an Equal Weight rating on the shares. Refining stocks rallied by about 20% during Q3 underpinned by supportive demand, unplanned facility outages, refinery closures, and low global inventories that collectively pushed cracks about 10% higher quarter-over-quarter during the quarter, the analyst tells investors. The firm, which has refreshed its estimates for latest strip prices, remains constructive on the longer-term refining outlook, but “tactically” moves the firm’s industry view to In-Line from Attractive.
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