Scotiabank analyst Paul Cheng last night downgraded Phillips 66 (PSX) to Sector Perform from Outperform with an unchanged price target of $133. The firm says management won the proxy battle against Elliott, leaving the activist with few options in the near term. As a result, there is “reasonable risk” that Elliott may exit the stock, which could add near-term selling pressure on Phillips 66, the analyst tells investors in a research note. In addition, Scotiabank sees a high bar for the company into the Q2 report.
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