Goldman Sachs raised the firm’s price target on Phillips 66 (PSX) to $207 from $192 and keeps a Neutral rating on the shares. The firm is positive on the company’s commitment to improving refining operations and the path toward its $4.5B Midstream EBITDA target, the analyst tells investors in a research note. Goldman Sachs adds that it is constructive on the macro backdrop where the elevated refining and chemical margins should contribute to an earnings’ inflection in the near-term.
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