Raymond James analyst Justin Jenkins lowered the firm’s price target on Marathon Petroleum (MPC) to $200 from $203 and keeps an Outperform rating on the shares. While Q3 results were softer than hoped, Marathon Petroleum continues to be a top tier refining company, as asset base optimization and midstream value creation drive solid results through the cycle, the firm says. With disciplined capital allocation, this has driven impressive financial flexibility to allocate to shareholders. Over time, Raymond expects midstream investments and optimization in refining to add upside potential.
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