Jefferies raises PT on Phillips 66 over deal with Cenovus Energy

Jefferies raises price target on refiner Phillips 66 PSX.N to $133 from $130

The new price target represents a ~2% upside to the stock's last close

Brokerage sees the agreement to acquire Cenovus Energy's CVE.TO remaining 50% stake in WRB Refining for $1.4 billion as positive for PSX

For PSX, valuation is compelling including ~$50 million in synergies, coupled with incremental bonus depreciation and reversal of a deferred gain, says Jefferies

9 of 21 brokerages rate the stock "buy" or higher, 12 "hold"; their median PT is $134 - data compiled by LSEG

As of last close, stock up ~15% YTD