Deustche made the following comment/reason for downgrade of PSX:
Deutsche Bank downgraded Phillips 66 (NYSE: PSX) from Buy to Hold with a price target of $50.00 (from $50.00).
The firm comments, "We are deeply concerned about weather and related shortage impacts on North East US oil markets, that comprise 27% of US oil demand and 6% of global oil demand. With PSX at our $50 price target, and badly affected by the Sandy "Frankenstorm", and MPC and DK likely negatively affected by market dynamics over the coming quarters, we are cutting to HOLD, leaving only HFC as rated BUY in a stance on refining recently cut from over-weight to neutral,
now cut from neutral to underweight."
Yes, the Sandy storm will cause some earnings problem for PSX which is only a 1 quarter effect.
Remember, PSX announced they are raisiing there dividend this quarter so PSX is not worried about future growth. BUY PSX on this down grade news.