Morgan Stanley analyst Joe Laetsch raised the firm’s price target on Marathon Petroleum to $162 from $160 and keeps an Overweight rating on the shares. While earnings are expected to fall quarter-over-quarter in Q4 due to lower refining margins, this is well understood and the firm expects the market to focus more on the 2024 setup, where it sees still growing demand, combined with risks to the timeline for new capacity, helping to keep cracks elevated relative to history.
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