Bank of America Merrill Lynch Reiterates Neutral Rating, $60 PT on Phillips 66
In a report published Friday, Bank of America Merrill Lynch reiterated its Neutral and $60.00 price target on Phillips 66 (NYSE: PSX).
BofA Merrill Lynch noted, “Phillips 66 emerges from ConocoPhillips as an advantaged downstream play with a refining margin profile that almost exactly mimics Valero alongside greater earnings stability from a unique combination of businesses. Additionally, there is option value from potential for additional restructuring, all of which should lead to a premium valuation versus the peer group. But with the shares reflecting less upside to fair value than some of the peers, we rate the shares Neutral.”
Phillips 66 closed on Thursday at $52.21.
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