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UPDATE: Deutsche Bank Upgrades Phillips 66 on Bullish 2014 Outlook

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Barclays May Be Positive On Oil, But Neutral On Refiners: Revises Ratings For Phillips 66, Delek And Others
Barclays Ratings And Price Target Changes For Wednesday, July 13, 2016
Phillips 66: Value & Yield on an Overpriced Market (GuruFocus)

In a report published Monday, Deutsche Bank analyst Paul Sankey upgraded the rating on Phillips 66 (NYSE: PSX) from Hold to Buy, and raised the price target from $64.00 to $80.00.

In the report, Deutsche Bank noted, “Since our ‘Diamond Age' (Oct 2010) refining upgrade, & subsequent ‘Future of US Oil' series, broadly speaking our roadmap of market development has been followed, but faster than we anticipated. First phase, the stunning production growth in natural gas and light sweet oil, giving US refiners a huge competitive advantage and oil product export growth. That is a long-term secular bull story. The second, interim phase of infrastructure bottlenecks and de-bottlenecking added super-super normal profit and volatility. We are in the third phase, of outright over-supply of light sweet crude & the limitation of the crude export ban. Target $30/bbl Brent-WTI. Upgrade PSX, VLO, DK, ALJ.”

Phillips 66 closed on Friday at $71.24.

Latest Ratings for PSX

DateFirmActionFromTo
Jul 2016BarclaysDowngradesOverweightEqual-weight
Jul 2016Scotia Howard WeilDowngradesOutperformSector Perform
Jun 2016Morgan StanleyDowngradesOverweightEqual-weight

View More Analyst Ratings for PSX
View the Latest Analyst Ratings

Posted-In: Deutsche Bank Paul SankeyAnalyst Color Upgrades Analyst Ratings

 

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