UBS analyst Manav Gupta lowered the firm’s price target on Marathon Petroleum to $189 from $213 and keeps a Buy rating on the shares. With Hurricane season nearly coming to end and having no major impact on supply, both gasoline and diesel margins are dropping, the analyst tells investors in a research note. The firm sees lower cracks a headwind to earnings for the independent refiners. Driven by lower cracks, UBS cut estimates and price targets across the group.
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