Deutsche Bank Starts Marathon Petroleum (MPC) at Buy; Splits Into Two Upstream/Downstream Focused Companies

Deutsche Bank initiates coverage on Marathon Petroleum (NYSE: MPC) with a Buy. PT $54.

Deutsche analyst says, "We are initiating on MPC with a BUY recommendation based on our view that it is a premium operator with focused and direct leverage to our bull thesis on MidCon refining, our so-called "Diamond Age". In line with our net asset value and multiple based models, we are targeting $54/share. Based on the split of MPC from MRO, and our pre-split valuation on the combine, we are changing our MRO price target to $35, which given relatively limited upside implies a HOLD recommendation."

For more ratings news on Marathon Petroleum click here and for the rating history of Marathon Petroleum click here.

Shares of Marathon Petroleum closed at $41.40 yesterday.

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