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Fly News Breaks for April 30, 2019
PSXP
Apr 30, 2019 | 20:28 EDT
MUFG analyst Barrett Blaschke lowered his price target on Phillips 66 Partners to $58 after its in-line Q1 results, but believes that the lower sequential EBITDA was to be expected given the "maintenance turnarounds on assets upstream" of the company's assets. The analyst says the new price target reflects the lower distribution growth estimates, though he also keeps his Overweight rating on Phillips 66 Partners, which he sees as a "solid crude pipeline" with below-average risk given its "highly fee-based asset base."
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