UPDATE: UBS Upgrades Marathon Petroleum (MPC) to Neutral
- S&P 500, Nasdaq set records as tech, banks lead
- Texas Instruments (TXN) Tops Q4 EPS by 20c, Issues Solid Q1 Outlook
- Intuitive Surgical (ISRG) Tops Q4 EPS by 10c; $2B Accelerated Share Repurchase
- Seagate Technology (STX) Tops Q2 EPS by 30c
- After-Hours Stock Movers 01/24: (BOBE) (STX) (WDC) Higher; (NEWT) (MRCY) (CA) Lower (more...)
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
(Updated - November 1, 2016 8:26 AM EDT)
UBS upgraded Marathon Petroleum (NYSE: MPC) from Sell to Neutral with a price target of $44. Analyst Spiro M. Dounis said he is more constructive despite risks.
"We upgrade MPC to Neutral from Sell as a result of the company's newly announced plans to unlock value in the GP and accelerate growth at the MLP. The announcement alleviates some of our concerns over MPLX's slower growth and the potential for MPC to be more accommodative. While these measures may mean taking on more units than cash on dropdowns we don’t expect the multiple paid to be highly accommodative as seen in the marine asset drop down earlier in 2016 (i.e., 5.0x," said Dounis.
Shares of Marathon Petroleum closed at $43.59 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Alibaba (BABA) PT Raised to $148 at Deutsche Bank
- Jefferies Reiterastes Hold on McDonald's (MCD) Following 4Q Report
- Targa Resources (TRGP) PT Raised to $65 at Credit Suisse
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!