MPLX LP (MPLX) PT Raised to $35 at Stifel
Get Alerts MPLX Hot Sheet
Rating Summary:
17 Buy, 5 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
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Stifel analyst Selman Akyol raised the price target on MPLX LP (NYSE: MPLX) to $35.00 (from $33.00) while maintaining a Buy rating.
Analyst comments: "We are updating our MPLX model following the release of its 10-Q. MPLX continues to have numerous tailwinds given a high-priced commodity environment and reduced 2021 capex needs, which provide the partnership incremental FCF and capital allocation flexibility. MPLX recently announced a special distribution amounting to nearly $600 million and management noted this should not be viewed as a "one-off" avenue of returning capital to unitholders. While we currently model flat distributions through 2023, given MPLX's financial strength we believe incremental distribution growth or special distributions could be in the cards for 2022 or 2023. In 2021, MPLX has returned capital through DPU growth, debt paydown, equity repurchases and special distributions."
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