12:45 AM EDT, 04/29/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of $145, up $15, reflects a 9.3x multiple of 2024 cash flows, below PSX's historical average. We think a discount is merited due to PSX's above-peer average net debt-to-EBITDA ratio of 2.3x (vs. peer average of 1.2x). We cut our 2024 EPS view by $1.32 to $10.94 and 2025's by $0.54 to $12.06. Q1 EPS of $1.90 vs. $4.21, missed consensus by $0.35. Refining utilization (92%) fell one percentage point Y/Y, while throughput volumes (1.7 mb/d) fell 1% Y/Y. Refining margins ($10.91/b) fell 47% Y/Y due to lower Gulf Coast realizations, turnaround activity, and renewable fuel conversions. The U.S. Energy Information Administration forecasts refined product demand to remain flat Y/Y in 2024. However, given that U.S. consumers have almost exhausted their savings, we think the demand picture for refined products may be weaker than previously expected. In addition, 1 mb/d in global refining capacity is set to come online in 2024, which we think could impact PSX's margins as inventory levels rise.