Mizuho Securities downgrades Phillips 66 and others, citing recent gains in oil stocks
PSX Phillips 66
$281.60 +3.67%
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- 1Mizuho Securities downgraded Phillips 66, Delek US Holdings, and Par Pacific Holdings from outperform to neutral.
- 2Mizuho Securities analyzed that the rise in oil stocks has already been priced in, reflecting an average 40% increase in target prices across US refiners.
- 3The average 4% upside among the raised target prices for US refiners indicates that the rise in oil stocks has already priced in high returns.
So what's the key point?
Mizuho Securities lowered the investment ratings for oil companies like Phillips 66. This means that because stock prices have already risen significantly, the potential for further growth has decreased to around 4%.
Source Investing.com · View original ↗
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