UPDATE: JPMorgan Upgrades Marathon Petroleum (MPC) to Overweight
- S&P 500, Dow slip from record highs; Coca-Cola rises on results
- Bitcoin (BTC) Price Fell 20% Off the Highs Over the Weekend as Markets Got 'Too Excited' About Coinbase (COIN), Says Mike Novogratz
- UK to Intervene in Nvidia's (NVDA) ARM Deal, Analyst Says Although Intervention 'Carries Significant Weight,' NVDA is Still a Buy
- GameStop (GME) announces George Sherman will be stepping down as CEO
- Dollar slumps to 6-week low, Bitcoin steadies after weekend drop
JPMorgan analyst Phil Gresh upgraded Marathon Petroleum (NYSE: MPC) from Neutral to Overweight with a price target of $67.00 (from $52.00).
The analyst comments "We upgrade to an Overweight rating. Following the planned sale of retail, MPC will be a pure-play refiner at the parent company (ex-MPLX) level. While we have struggled with the high fixed cost nature of MPC’s refining asset base, given the dropdowns to MPLX, a higher crack spread environment moving forward should overcome this hurdle. Furthermore, the company has done a solid job of reducing capex/opex to structurally improve FCF. With the pending asset sale of Speedway set to close in late 1Q, MPC’s balance sheet should be in much better shape moving forward, allowing the company to return a healthy amount of its market cap to shareholders (potentially up to ~1/3)."
Shares of Marathon Petroleum closed at $53.00 yesterday.
You May Also Be Interested In
- FleetCor Technologies (FLT) PT Raised to $323 at BofA Securities
- Galaxy Resources Ltd. (GXY:AU) PT Raised to AUD4.80 at Canaccord Genuity
- Hirose Electric (6806:JP) (HRSEF) PT Raised to JPY17,800 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Upgrades, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!