Deutsche Bank Downgrades Phillips 66 (PSX) to Hold after Sandy "Frankenstorm"

Deutsche Bank downgraded Phillips 66 (NYSE: PSX) from Buy to Hold with a price target of $50.00 (from $50.00).

The firm comments, "We are deeply concerned about weather and related shortage impacts on North East US oil markets, that comprise 27% of US oil demand and 6% of global oil demand. With PSX at our $50 price target, and badly affected by the Sandy "Frankenstorm", and MPC and DK likely negatively affected by market dynamics over the coming quarters, we are cutting to HOLD, leaving only HFC
as rated BUY in a stance on refining recently cut from over-weight to neutral,
now cut from neutral to underweight."

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 $49.00 yesterday.

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