Wells Fargo & Company has increased its price target for Phillips 66 (NYSE: PSX) from $162.00 to $163.00. The brokerage maintains an “overweight” rating on the stock, signaling a positive outlook for the oil and gas company.
This update was shared in a recent report, reflecting Wells Fargo’s confidence in Phillips 66’s potential for growth in the near term.
**Why this matters**
An increased price target and an overweight rating from a major financial institution like Wells Fargo can influence investor sentiment and trading activity. It suggests expectations of improved performance or favorable market conditions for Phillips 66, which may impact the stock’s demand and valuation.
Source: NewsData