Phillips 66 (PSX) PT Lowered to $140 at Mizuho

Mizuho analyst Nitin Kumar lowered the price target on Phillips 66 (NYSE: PSX) to $140.00 (from $147.00) while maintaining a Neutral rating.

The analyst commented: "We expect 4Q24 EBITDA/FCF/EPS misses from PSX vs. current consensus, -28%, -106%, -176% respectively. Despite the prevailing industry view that refining demand fundamentals are OK, global supply still needs to be rationalized and crack spreads remain weak, with significant negative impact to short term earnings. For PSX, the refining weakness will be compounded by weaker Chemicals and Marketing & Specialties in 4Q, with Midstream relatively stable and Renewable Fuels still ramping up to profitability. We maintain our Neutral rating, given the macro trends in refining and trim our NAV-based price target to $140 from $147 as we fine-tune short-term assumptions and incorporate recent deals."

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