UBS raised the firm’s price target on Phillips 66 (PSX) to $150 from $143 and keeps a Buy rating on the shares. Russian exports of petroleum products have shrunk in September as Ukrainian drone attacks curb Russian refining output, the analyst tells investors in a research note. For Phillips 66, UBS says that the biggest opportunity will likely be at Bayway which has one of the largest fluid catalytic cracking in North America.
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