Piper Sandler analyst Ryan Todd raised the firm’s price target on Phillips 66 (PSX) to $148 from $131 and keeps a Neutral rating on the shares. As the firm continues to adjust its outlook for Q2 earnings for the refiners, Piper sees estimates as likely showing very modest downside to recent Street numbers, as June margins softened from the highs of May – with upwards pressure over the last couple of weeks offering some encouragement for the 3rd quarter.
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