Phillips 66 (PSX) PT Raised to $209 at Piper Sandler

Piper Sandler analyst Ryan Todd raised the price target on Phillips 66 (NYSE: PSX) to $209.00 (from $208.00) while maintaining a Neutral rating.

The analyst commented: "Deleverage Target in Sight One Year Ahead of Original Target; PSX took out a sizable chunk of its gross debt in 2Q while accelerating its timing to $17B gross debt target by one year to YE26 (currently ~$21B), given strong cash flows in the current macro environment and a partial normalization of excess cash levels. Capital allocation in the second half will be characterized by a cleanup of the ~$4B remainder of debt above target levels, with buybacks ramping to levels not seen over the past 5+ years in order to catch up to ~50% of CFO returned to shareholders for full year '26. With debt paydown moving down on the priority list, next year's capital allocation program will likely include some discretionary capital beyond the 50% payout level, depending on the macro environment. We remain Neutral and bump our price target to $209/sh from $208."

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