UPDATE: JPMorgan Downgrades Phillips 66 (PSX) to Neutral
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JPMorgan analyst Phil Gresh downgraded Phillips 66 (NYSE: PSX) from Overweight to Neutral with a price target of $95.00 (from $76.00).
The analyst comments "PSX’s earnings were less defensive than we hoped for in 2020, owing to weaker-than-expected refining performance versus peers. While performance should improve, Street consensus for the pace of that recovery still seems too fast to us (JPMe $2.25 in 2021, Street $2.95). Longer term, we still like PSX’s portfolio diversity (solid Chemicals fundamentals and fairly steady Midstream/Marketing); however, for now, we think that a bit more refining torque is the way to go for the rest of 2021, until we see proof of improved execution."
Shares of Phillips 66 closed at $82.31 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
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