Benchmark Starts Marathon Petroleum (MPC) at Hold; Favorable Earnings Outlook Driven by Regional Crude Discounts

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Benchmark initiates coverage on Marathon Petroleum (NYSE: MPC) with a Hold. PT $39.00.

Benchmark analyst says, "We expect Marathon to benefit from continuing, elevated price discounts on WTI and Canadian heavy oil versus waterborne crudes, favorably impacting refining results...In 2013 and beyond, continued earnings growth is anticipated reflecting the combined impact of increased access to discounted feedstock, the completion of major refinery capital projects, as well as modest growth in marketing/distribution profits."

"Our neutral investment posture reflects the offsetting influences of a rich share
valuation and a comparatively favorable earnings and dividend growth outlook."

Jefferies FY12/13 EPS estimate is $5.96 and $6.53, respectively.

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 $41.99 yesterday, with a 52 week range of $26.35-$47.43.

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