Jefferies Upgrades MPLX LP (MPLX) to Buy
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Jefferies upgraded MPLX LP (NYSE: MPLX) from Hold to Buy with a price target of $40.00.
Analyst Corey Goldman commented, "Last week, MPC announced it is evaluating options to highlight its MPLX GP value and optimize MPLX's LT cost of capital. We believe this will result in 1) an accelerated MPLX drop-down schedule; 2) an IDR-for-LP unit swap in 2018 with the creation of a C-corp tracking stock. We see these actions boosting cash flow growth at MPC & MPLX and offering multiple expansion. These events could imply >40% upside to MPC & we are upgrading MPLX to Buy, from Hold."
The firm also raised its price target on Marathon Petroleum (NYSE: MPC) to $59 and reiterated a Buy rating.
Shares of MPLX LP closed at $33.51 yesterday.
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