Raymond James lowered the firm’s price target on Phillips 66 to $160 from $163 and keeps an Outperform rating on the shares. Raymond James still sees Phillips as a best-in-class, diversified business with a secure balance sheet that has weathered the storm and its refining exposure should improve into 2025, while margins in its Chemicals could continue to rebound and midstream/M&S provide diversity and stability, the analyst tells investors in a research note.
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