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Fly News Breaks for May 19, 2016
PSX
May 19, 2016 | 05:54 EDT
UBS analyst Spiro Dounis started Phillips 66 with a Neutral rating and $84 price target after initiating the U.S. refiners space with a cautious outlook. The analyst does not expect the record crack spreads witnessed over the last several years to repeat. He believes Phillips 66's "healthy premium to peers" already reflects its lower risk profile.
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