Market Overview

UPDATE: Deutsche Bank Upgrades Phillips 66 on Bullish 2014 Outlook

Share:
Related PSX
How You Can Follow Warren Buffett Into Phillips 66 (With These Three ETFs)
Benzinga's Volume Movers
Why Is Berkshire's Stake In Phillips 66 Such A Good Idea? (Seeking Alpha)

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
Aug 2015BarclaysMaintainsOverweight
Jul 2015Goldman SachsDowngradesBuyNeutral
Jul 2015BarclaysMaintainsOverweight

View More Analyst Ratings for PSX
View the Latest Analyst Ratings

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

 

Related Articles (PSX)

Get Benzinga's Newsletters