Phillips 66 price target raised to $170 from $152 at Mizuho

Mizuho analyst Nitin Kumar raised the firm’s price target on Phillips 66 (PSX) to $170 from $152 and keeps a Neutral rating on the shares. The firm upped its 2026 oil price outlook by 14% to $73.25 with the Iran conflict entering its third week. It is too early to say whether the conflict raises the structural price of global oil, but the bias is likely higher, the analyst tells investors in a research note. Mizuho remains positive on the oil and gas sector. While saying natural gas fundamentals remain constructive, the firm lowered its fiscal 2026 price outlook by 6%.