Goldman Sachs lowers rating on Phillips 66 to 'neutral'

Goldman Sachs downgrades rating on U.S. oil refiner Phillips 66 PSX.N to "neutral" from "buy", maintains price target of $132

PSX shares down 1.4% at $124.82 in morning trade

Brokerage sees limited upside from current levels following YTD outperformance

"We continue to see value in refining business, we believe improvements, such as higher capture rates, will require multiple quarters before investors are willing to underwrite a higher mid-cycle" - Goldman Sachs

Brokerage says it will monitor operational improvements in refinery business and remain mindful of the softer chemicals margin backdrop

13 of 20 brokerages rate the stock "buy" or higher, 6 "hold" and 1 "sell" or lower; their median PT is $140 - data compiled by LSEG

Including sessions moves, stock up 11.1% YTD