Phillips 66 price target raised to $156 from $153 at Piper Sandler

Piper Sandler raised the firm’s price target on Phillips 66 (PSX) to $156 from $153 and keeps a Neutral rating on the shares. The firm notes the company reported solid Q4 EPS results that were better than expected, driven by refining strength in throughput, partially offset by weaker capture. Importantly, refining performance continues to show real signs of steady improvement, particularly in terms of utilization and clean product yield, while recent acquisitions offer further optimization/efficiency gains.