Raymond James analyst Justin Jenkins lowered his price target for Phillips 66 to $125 from $130 and keeps an Outperform rating on the shares, saying Phillips 66 remains one of the highest-quality stories in his coverage. That said, Jenkins says Q4 is likely setting up to be a speed bump as various factors negatively affect the near term. He still believes the growth outlook remains solid and thinks the strength of the refining assets that can be realized in the coming years is still underappreciated and views Phillips 66 as a core long-term holding.