Market Overview

Bank of America Merrill Lynch Reiterates Neutral Rating, $60 PT on Phillips 66

Related PSX
Benzinga's Top Initiations
JP Morgan Initiates Phillips 66 With Overweight
Oil Refiners Tumble, Producers Rally on Export Ruling (Fox Business)

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.

Latest Ratings for PSX

DateFirmActionFromTo
Sep 2014JP MorganInitiates Coverage onOverweight
Jul 2014CitigroupMaintainsNeutral
Jun 2014JP MorganMaintainsOverweight

View More Analyst Ratings for PSX
View the Latest Analyst Ratings

Posted-In: Bank of America Merrill LynchAnalyst Color Reiteration Analyst Ratings

 

Related Articles (PSX)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters