Mizuho analyst Nitin Kumar lowered the firm’s price target on Phillips 66 (PSX) to $140 from $147 and keeps a Neutral rating on the shares as part of a Q4 earnings preview. Despite the prevailing industry view that refining demand fundamentals “are OK,” global supply still needs to be rationalized and crack spreads remain weak, with significant negative impact to short term earnings, the analyst tells investors in a research note. For Phillips 66, the firm says refining weakness will be compounded by weaker chemicals in Q4. It expects an earnings miss of 176% versus consensus.
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