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Fly News Breaks for August 24, 2018
PSXP
Aug 24, 2018 | 07:12 EDT
JPMorgan analyst Jeremy Tonet downgraded Phillips 66 Partners to Neutral and lowered his price target for the shares to $58 from $61. The analyst says the company "screens as the heaviest" incentive distribution rights burden across his coverage universe. The analyst increased his discount rate given the "clear market dislike" for IDRs and lack of visibility into IDR eliminations.
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