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Investing.com - Freedom Capital Markets downgraded Phillips 66 (NYSE:PSX) from Buy to Hold while raising its price target to $138.00 from $127.00 on Monday. The stock currently trades at $135.42, just 1.9% below the new target, after surging 29.55% over the past six months.
The research firm cited the stock’s "substantial recent appreciation" as the primary reason for the downgrade, despite raising its price target. This appreciation has brought PSX within 4.9% of its 52-week high of $142.35, though InvestingPro data suggests the stock remains undervalued based on its Fair Value assessment.
Phillips 66 reported third-quarter results that exceeded analyst expectations, with both revenue and earnings per share surpassing forecasts.
Freedom Capital Markets noted that softer crude prices have "materially" boosted the refiner’s business profitability during the quarter.
The firm expects these favorable trends to continue through 2025-2026 for the U.S. refiner, despite the rating downgrade.
In other recent news, Phillips 66 reported strong operational performance for the third quarter of 2025. The company’s adjusted earnings reached $1 billion, equating to $2.52 per share, demonstrating significant achievements in refining and strategic acquisitions. Operating cash flow was recorded at $1.2 billion, highlighting the company’s robust financial health. Despite these solid results, the stock price remained unchanged, indicating a steady market response. Additionally, there have been no recent analyst upgrades or downgrades reported for Phillips 66. These developments are crucial for investors assessing the company’s current financial status and future potential.
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