Phillips 66 price target raised to $167 from $135 at Mizuho

Mizuho raised the firm’s price target on Phillips 66 to $167 from $135 and keeps a Neutral rating on the shares. Although the refiner industry continues to improve asset performance, margin capture, and cost control, stock prices have outperformed crack spreads while crack futures remain roughly in line with historical averages, the analyst tells investors in a research note. The firm raised price targets by 16% across its coverage, but sees only 2% upside from current share levels.