Phillips 66 price target raised to $171 from $170 at Piper Sandler

Piper Sandler raised the firm’s price target on Phillips 66 (PSX) to $171 from $170 and keeps a Neutral rating on the shares. The firm notes the company hosted an investor trip to the Permian Basin this week to highlight the growing scale and potential of its Midstream business, which remains poorly understood and/or underappreciated by investors, despite representing about 40% of EBITDA in 2025E, and approximately $500M of EBITDA growth over the next two years.