We lift our target price by $7 to $61, based on a multiple of 5.0X enterprise value to our '13 EBITDA forecast, higher than the peer average. We raise our Q4 '12 EPS estimate to $1.51 from $1.39, '12's to $7.73 from $7.61, and '13's to $6.13 from $5.63, on higher refining margins. We see PSX benefiting from the wide crude oil differentials and increasing North American crude oil production. We expect its chemicals segment to gain from cheaper feedstocks in '13. We are positive on the company's intention to form a master limited partnership to house some of its midstream assets.