BMO lifts PT on Phillips 66, sees upside from refining gains; shares gain

** Shares of US refiner Phillips 66 PSX.N up 1.6% at $268.73

** BMO Capital Markets raises price target for refiner to $310 from $260, representing a 17.1% upside to the stock's last close

** Brokerage says PSX's integrated business model has gained momentum and outperformed its parts with refining being the cyclical leader

** Adds, PSX's notable enhancements to refining plus improvements across clean product yield and operating costs has enabled the company to benefit from the strong refining macro, which management expects to continue with product inventories low, demand resilient, and supply constrained

** 12 out of 22 brokerages rate stock "buy" or higher, 9 "hold" and 1 "sell", their median PT is $195 - data compiled by LSEG

** Including session's moves, PSX up 108% YTD