Mizuho analyst Nitin Kumar yesterday lowered the firm’s price target on Phillips 66 (PSX) to $132 from $140 and keeps a Neutral rating on the shares. The firm expects a miss in Q1 on weaker renewables. In a tough quarter and amid Phillips 66’s own business transformation plans, the discussion will be dominated by the proxy battle to change the company’s board, with activist investor Elliott Investment Management pushing for the company to divest non-core assets, the analyst tells investors in a research note.
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