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Fly News Breaks for December 20, 2019
PSXP
Dec 20, 2019 | 08:55 EDT
RBC Capital analyst Elvira Scotto raised her price target on Phillips 66 Partners to $65 and kept her Outperform rating after holding talks with its management last week. The analyst says the discussion support her view of the company as being "well-positioned to generate highly visible cash flow growth" thanks to its "slate of organic growth projects". Scotto adds that the company's fee-based revenues and "minimum volume commitments" mitigate its commodity price exposure whilie limiting "volumetric risk".
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