Phillips 66 upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research analyst Sam Margolin upgraded Phillips 66 to Outperform from Peer Perform with a $146 price target after the company announced it would increase the range of its 2.5 year cumulative return of capital to $15B by year-end 2024. The firm, which says its “estimates are hardly heroic,” believes Phillips 66 can hit the top of its recently increased buyback without drawing cash from Q3 to YE24, the analyst tells investors.