Wells Fargo Starts Phillips 66 (PSX) at Market Perform

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After the close, Wells Fargo initiated coverage on Phillips 66 (NYSE: PSX) with a Market Perform rating and valuation range of $36-39.

The rating reflects Phillips' premium valuation to its peers across most metrics, the firm said.

"Phillips 66 trades at a discount to its peers on a per-barrel basis of refining capacity. We value Phillips 66 at 4.8-5.1x our 2013 EBITDA estimate of $5,580 million. This range reflects a premium to its peers, which we believe is justified by its high-quality refining assets, the elevated valuation multiples for its nonrefining operations, and its status as the largest independent refiner by market capitalization."

For an analyst ratings summary and ratings history on Phillips 66 click here. For more ratings news on Phillips 66 click here.

Shares of Phillips 66 closed at $32.68 yesterday, with a 52 week range of $28.75-$34.91.

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