MPLX upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research analyst Keith Stanley upgraded MPLX to Outperform from Peer Perform with a $36 price target. The analyst is increasing exposure to "defensive stocks." MPLX has a "highly stable business, sector-leading total return of capital yield, and a top tier balance sheet," Stanley tells investors in a research note. He thinks the combination of stability and high income will be increasingly valued in 2023.