Argus analyst Bill Selesky lowered his price target on Phillips 66 to $116 to reflect his reduced expectations for oil price, forecasting WTI to average $53 per barrel vs. $67 in 2018. The analyst also keeps his Buy rating on the stock with a positive view on the company's "diversified business model that includes refining, midstream, chemicals, and marketing and specialty operations." Selesky contends that the company's "diversification has proven valuable in different commodity price environments", making its cash flows less volatile than that of its peers.