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UPDATE: J.P. Morgan Raises PT on Phillips 66 on Solid Upside Potential


In a report published Monday, J.P. Morgan analyst Katherine Lucas Minyard reiterated an Overweight rating on Phillips 66 (NYSE: PSX), and raised the price target from $68.00 to $81.00.

In the report, J.P. Morgan noted, “We have an Overweight rating on PSX shares. We believe PSX is positioning itself for healthy earnings and cash flow growth, with advantaged feedstock opportunities driving margin expansion, increasing exposure to international markets via export capacity growth, and an increasing contribution from the petrochemicals business as large-scale capacity additions are brought online. Our December 2014 price target of $81 for PSX results in 14% potential upside from current price levels, based on our margin modeling assumptions, with a 2.2% dividend yield supporting potential total returns.”

Phillips 66 closed on Friday at $71.24.

Latest Ratings for PSX

Sep 2020Raymond JamesMaintainsOutperform
Sep 2020Piper SandlerMaintainsOverweight
Aug 2020Raymond JamesMaintainsOutperform

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