UPDATE: UBS Upgrades Marathon Petroleum (MPC) to Neutral
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(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.
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