Marathon Petroleum (MPC) PT Lowered to $168 at Mizuho

Mizuho analyst Nitin Kumar lowered the price target on Marathon Petroleum (NYSE: MPC) to $168.00 (from $174.00) while maintaining a Neutral rating.

The analyst commented: "We expect a headline 1Q25 EPS miss from MPC vs. consensus, at $(0.34) vs. $0.00, though we note consensus estimates haven’t fully adjusted to the end of the quarter and have been declining. We expect the sequential improvement in margins in Refining to have been offset by lower capture rates, Midstream only slightly weaker sequentially, and Renewable Diesel to be the wild card, given the uncertainty around the PTC. Rolling over our model, we lower our NAV-based price target to $168/share (vs. prior $174) to reflect lower margin assumptions in the near term. We maintain our Neutral rating, given the macro trends in refining and now increased uncertainties on global economic growth. MPC is also impacted by tighter WCS spreads in its PADD 2 assets."

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