UPDATE: Bank of America Reiterates on Phillips 66 on Limited Upside to Fair Value

In a report published Tuesday, Bank of America analyst Doug Leggate reiterated a Neutral rating on

, and raised the price target from $68.00 to $80.00. In the report, Bank of America noted, “Phillips' focus on non-refining investment is intended to diversify earnings away from what is still the most volatile aspect of the investment case. While it retains meaningful exposure to advantaged crude, this has already lifted the share prices to levels we believe now stand on the highest multiple in the sector, and with limited upside to fair value.” Phillips 66 closed on Monday at $71.36.