Marathon Petroleum price target raised to $227 from $214 at Wells Fargo

Wells Fargo analyst Roger Read raised the firm’s price target on Marathon Petroleum to $227 from $214 and keeps an Overweight rating on the shares. The firm is also raising its Q1 2024 EPS estimate following the most recent published market data by Marathon Petroleum. Rising crude prices and heavy mtc in Q1 2024 likely undermined capture. Thus, Wells’ capture assumption is 90% vs. historical Q1 average of 94%. Its estimates for throughputs, opex and corporate remain in line with company guidance.