Argus analyst Bill Selesky raised his price target on Phillips 66 to $133 after its "strong" Q1 earnings driven by all business segments. The analyst notes the performance of Refining in particular, where higher volumes and improved clean product differentials boosted profits. Selesky adds that the company's business portfolio diversification across refining, midstream, chemicals, and marketing has proven valuable in different commodity price environments and made its free cash flows less volatile than that of pure-play refiners. The analyst keeps his Buy rating on Phillips 66 while also raising his FY18 EPS view to $7.41 from $7.27 on expectation of a higher utilization rate.

Barclays analyst Theresa Chen raised the firm's price target on Phillips 66 to $155 from $139 and keeps an Equal Weight rating on the shares. The analyst increased the price target after exploring the impacts and opportunities of an evolving infrastructure landscape for midstream and downstream operators "amid a dynamic price backdrop."