Phillips 66 upgraded at Morgan Stanley on chemicals upside, attractive relative valuation (PSX:NYSE)

Morgan Stanley has upgraded Phillips 66 (PSX) shares to Overweight from Equal Weight, raising its price target to $174 from $147. The upgrade is attributed to the chemicals segment acting as a key differentiator for the refiner and an increasingly attractive valuation. Phillips 66 saw a 1.1% increase in its stock price following this news.

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