PSX - Why Shares of Phillips 66 Bounced Higher on Monday
On a day when the S&P 500 and Dow Jones Industrial Average both sank, shares of Phillips 66 (NYSE: PSX) climbed higher thanks to an analyst's bullish take on the diversified energy company's stock.
As of the end of Monday's trading session, shares of Phillips 66 had risen 5.2%.
Recognizing significant upside for shares of Phillips 66, Piper Sandler hiked its price target on the stock to $119 from $107. The revised price target represents upside of about 44% from the stock's closing price of $82.85 on the day of the most recent trading session. Another salient detail regarding the new price target is the fact that investors would have to go back to December 2019 to see the last time Phillips 66 had risen that high.
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Why Shares of Phillips 66 Bounced Higher on Monday