UPDATE: UBS Upgrades Marathon Petroleum (MPC) to Neutral

November 1, 2016 7:00 AM EDT
Get Alerts MPC Hot Sheet
Price: $50.09 +2.81%

Rating Summary:
    20 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 19 | Down: 19 | New: 13
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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.

For an analyst ratings summary and ratings history on Marathon Petroleum click here. For more ratings news on Marathon Petroleum click here.

Shares of Marathon Petroleum closed at $43.59 yesterday.

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