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Fly News Breaks for September 28, 2018
PSXP
Sep 28, 2018 | 07:41 EDT
As previously reported, Morgan Stanley analyst Tom Abrams downgraded Phillips 66 Partners to Underweight from Equal Weight, stating that he believes the market is ascribing what he views as relatively high multiples to the units, particularly after recent underperformance by some peers. He anticipates a shift to slower growth coming for Phillips 66 Partners and expects that will weigh on the units during transition, Abrams tells investors. He lowered his price target on the units to $50 from $55.
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