Phillips 66 price target lowered to $140 from $144 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Phillips 66 (PSX) to $140 from $144 and keeps an Equal Weight rating on the shares. Refiners started off 2024 strong, but softer product demand to start the summer, combined with new capacity adds and existing infrastructure running hard, pressured margins and equities lower throughout the year, the analyst tells investors. Stocks in the group have pulled back, though earnings revisions likely remain a near-term headwind, the analyst added in a 2025 outlook note for the refining and marketing group.