Phillips 66 shares rise as Raymond James boosts price target to $205 on refining margin gains.

Phillips 66 stock has surged over 41% year-to-date, recently hitting a 52-week high near $185. Raymond James raised its price target from $175 to $205, citing strong refining margins driven by geopolitical tensions and higher crude prices. The firm expects sustained margin growth through 2026, supported by Phillips 66's acquisition of WRB Refining and cost reduction efforts. Key risks include potential geopolitical easing that could lower crude prices and refining margins. Investors will watch the Q1 2026 earnings report for confirmation of this positive outlook.