Marathon Petroleum price target raised to $164 from $140 at Jefferies

Jefferies analyst Dushyant Ailani raised the firm’s price target on Marathon Petroleum to $164 from $140 and keeps a Buy rating on the shares. Despite a “deluge” of Q2 earnings, perhaps the biggest news last week was Saudi’s commitment to extend the 1mmb/d voluntary cuts through September and this re-occurance is “commanding the investment communities attention,” as the Saudis with Russia’s support appear “intent on tightening the market from here,” the analyst tells investors.