Barclays Maintains an 'Overweight' on Marathon Petroleum (MPC); EPS Power of $4-7 Even at $5 Brent/WTI Differential

Barclays maintains an 'Overweight' on Marathon Petroleum (NYSE: MPC) price target raised $1 to $54.00.

Barclays analyst says, "MPC reported strong 3Q11 results which easily exceeded the consensus and our estimate by a wide margin. Perhaps more importantly, we think MPC is more than just a bet on the Brent/WTI differential. We believe the market may have over estimated the company's WTI exposure and thus correspondingly underestimated its earnings power."

"We raise our 2011 and 2012 estimates for MPC to $8.80/share and $7.25/share
from $7.75/share and $6.30/share primarily reflecting an improved outlook for WTI
link crude throughput."

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 $36.00 yesterday.

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