UPDATE: Oppenheimer Starts Phillips 66 (PSX) at Outperform; Premium Valuation Justified

(Updated - July 16, 2012 2:47 PM EDT)

Oppenheimer initiates coverage on Phillips 66 (NYSE: PSX) with an Outperform. PT $42.00.

Analyst, Fadel Gheit, said, "The three PSX business segments are among the largest in their respective industries, and this uniquely diverse asset base should help cushion earnings against volatility during industry and economic cycles, relative to pure plays in any of the three segments."

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 $34.94 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Diana Shipping drops bid for Genco after price demands spike to $36.91
• Movano (MOVE) Misses Q2 EPS by 195c