Piper Sandler raised the firm’s price target on Phillips 66 (PSX) to $170 from $159 and keeps a Neutral rating on the shares. The firm notes Q3 results have wrapped and margins remain impressively strong. And while Q3 results were solid, Piper sees Q4 shaping up even better, with capture tailwinds, demand resilient, and margins robust, despite throughput guides suggesting 2.4% increase year-over-year. In the end, the market is clearly tighter than anticipated, and the firm still sees it getting incrementally tighter in 2026, and the futures curve now agrees.
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Read More on PSX:
- Phillips 66 downgraded to Hold from Buy at Freedom Capital
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