Morgan Stanley upgraded Phillips 66 (PSX) to Overweight from Equal Weight with a price target of $174, up from $147. The firm cites upside in the company’s chemicals unit and an attractive relative valuation at current share levels for the upgrade. Chemicals is a “key differentiator” for Phillips, the analyst tells investors in a research note. Morgan Stanley expects disruptions from the Iran conflict to result in polyethylene prices remaining elevated in 2026 before gradually moving lower through 2027.
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