The firm cited higher multiple assumptions for both the midstream and chemicals segments, lower capital expenditures and higher free cash flows as reason for the upgrade, the Fly reports.
Wall Street also has more reasonable consensus expectations for the Houston-based energy manufacturing and logistics company, Goldman said in an analyst note.
Additionally, Mizuho initiated coverage of the stock earlier today with a "buy" rating.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures, notable return on equity and increase in stock price during the past year. We feel its strengths outweigh the fact that the company shows low profit margins.
You can view the full analysis from the report here: PSX