Wells Fargo Starts Marathon Petroleum (MPC) at Outperform

Wells Fargo initiated coverage on Marathon Petroleum (NYSE: MPC) with an Outperform rating and a $55-$58 valuation range.

The firm said it is confident "Marathon’s favorable midcontinent locations will allow it to enjoy the structural advantages of discounted light/sweet inland crudes. Also, its industry-leading highly complex Gulf Coast refinery participates in both the
domestic and faster-growing export markets."

The midpoint of Wells Fargo's valuation range implies potential upside of about 28 percent from where the stock closed Wednesday.

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

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