Phillips 66 (PSX) PT Raised to $346 at Wells Fargo

Wells Fargo analyst Sam Margolin raised the price target on Phillips 66 (NYSE: PSX) to $346.00 (from $345.00) while maintaining a Overweight rating.

The analyst comments "Maintain OW: The refining group has seen volatility on potential de-escalation in Russia and Iran plus seasonal compression in gasoline cracks. However, PSX's asset composition sees offsetting benefits in wider WCS differentials (with growing heavy crude supply) and LPG price sensitivity. We see ongoing capacity for "all of the above" capital allocation and believe PSX shares can see resultant multiple expansion. PT moves from $345 to $346 on lower share count."

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