Deutsche Bank Starts Phillips 66 (PSX) at Hold

Deutsche Bank initiated coverage on Phillips 66 (NYSE: PSX) with a Hold rating and a price target of $99.00.

Analyst Ryan Todd said, "PSX is amongst the most attractive long-term stories in our coverage universe. Often viewed as the "non-refining" refiner, PSX is well-positioned to benefit from long-term positive, secular trends in chemicals and midstream/logistics (both transport and NGL driven). With only 30% of corporate value driven by refining, PSX is the most defensive of the US refiners, however, it is, by extension, the least exposed to our view of a refining recovery into 2015."

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 $77.35 yesterday.

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