03:35 AM EDT, 04/28/2025 (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 price of $100 (reduced by $15) reflects a 7.3x multiple of enterprise value to projected 2026 EBITDA, which is about in line with PSX's historical forward average. We cut our 2025 EPS estimate by $5.14 to $4.29, and 2026's by $1.75 to $9.87. PSX elected to take a high level of refinery turnarounds in Q1, which in our view was a sensible move given weak margins. We also think refining margins likely improve (at least sequentially) beginning in Q2. However, we maintain two concerns with PSX. First, the company's net debt level remains somewhat high, at about 38%, above the company's 25%-30% target range. Second, the ratcheting-up of trade tensions between the U.S. and China, should that persist, could interrupt export demand by China for U.S-sourced natural gas liquids. PSX has some exposure to NGL logistics and processing. We think earnings power is probably a bit subdued in 2025 due to ongoing recovery of margins. We see stronger earnings in 2026, but not to the heydays of 2022-2023.