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Phillips 66 (PSX) Stock Coverage Initiated With 'Hold' Rating at Jefferies

NEW YORK (TheStreet) -- Shares of Phillips 66 (PSX) were advancing in mid-morning trading on Tuesday after analysts at Jefferies initiated coverage of the stock with a "hold' rating and a $72 price target.

The firm said the Houston-based energy manufacturing and logistics company has a "premiere portfolio of diversified energy assets" across both midstream and downstream functions.

"While robust expansion opportunities and ownership support from Berkshire Hathaway (BRK.B) are reasons to be constructive, we...