Mizuho analyst Nitin Kumar upgraded Phillips 66 to Outperform from Neutral with a price target of $212, up from $170. The firm cites the company's improving refining operations, execution of strategic initiatives, and greater leverage to rising refining and chemicals margins for the upgrade. The higher price target reflects Phillips 66's "enhanced" earnings outlook, reflecting 21% upside from current levels, the analyst tells investors in a research note.
