Mizuho Downgrades Phillips 66, Delek US, Par Pacific to Neutral Amid Strong YTD Gains
Refiners Phillips 66 (PSX), Delek US Holdings (DK), and Par Pacific Holding Inc. (PARR) saw their stock ratings cut by Mizuho Securities on Thursday from Outperform to Neutral. The move comes after all three stocks have more than doubled in value year-to-date, leading the firm to believe there is limited upside potential going forward. Despite the downgrade, shares of each company rose during trading. Mizuho assigned new price targets for Phillips 66 at $300 per share, Delek US at $83, and Par Pacific at $91. The decision reflects a shift in market sentiment as analysts reassess valuations following significant gains this year.
Topics: Mizuho refiners stock downgrade