TD Cowen analyst Jason Gabelman raised the firm’s price target on Phillips 66 (PSX) to $132 from $128 and keeps a Buy rating on the shares. The firm noted Elliott Management outlined several changes the company should make to improve value. Cowen agrees refining continues to underperform and needs to be improved upon or explained. A Midstream spin could be easiest to execute among proposed restructuring options with some value upside, but the multiple arb may not be as wide as suggested while remaining company could be valued worse.
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- Phillips 66 jumps 5% to $129.98 after Elliott confirms $2.5B position
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