JPMorgan analyst John Royall downgraded Marathon Petroleum to Neutral from Overweight with a price target of $149, up from $137. Since the beginning of COVID-19,Marathon has been the top-performing refiner, the analyst tells investors in a research note. The firm thinks the company’s buyback is now generally well anticipated and the key reason for the stock’s outperformance. It thinks Marathon is executing well and has continued potential to aggressively return capital, even in a refining downturn, but now sees slightly below-average upside potential relative to the group average.
Published first on TheFly
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