MUFG analyst Barrett Blaschke keeps his Overweight rating and $62 price target on Phillips 66 Partners after its Q2 results, saying the earnings beat was driven by the company's equity investments and lower than anticipated operating expenses for the quarter. The analyst adds that Phillips 66 Partners' cash flows were aided by the reduced maintenance capital spending. Blaschke warns that as investors focus on distribution growth in 2019 and beyond, the company may come under more pressure to announce a resolution to its incentive distribution right issue.