Jefferies Cuts Price Target on Murphy USA (MUSA) to $85; Reiterates Buy
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Jefferies maintained a Buy rating on Murphy USA (NYSE: MUSA), and cut the price target to $85.00 (from $89.00), following the company's 3Q earnings report. MUSA reported 3Q EPS results of $1.16 vs. $1.60 consensus. However, nearly all fundamental drivers to the L-T thesis remains intact and MUSA continues to execute on what it can control.
Analyst Christopher Mandeville commented, "Though 3Q EPS disappointed (largely on PS&W) and 4Q sets up no better given a 2nd set of transitory issues, fundamentals remain strong and key tenants to our Buy rating (merch. GM% outperformance, strong opex/store control, a 5% FCF yield next yr., BS optionality, strong ROIC) remain intact. For L-T investors seeking a high quality operator with solid ~10% L-T EPS growth, we believe valuation has been derisked at current levels and recommend buying on weakness."
Shares of Murphy USA closed at $65.44 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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