As previously reported, Wells Fargo analyst Roger Read upgraded Marathon Petroleum to Overweight from Equal Weight with a price target of $169, up from $159. The refining sector remains advantaged, the firm says. Wells expects the fundamentals will sustain BTMC crack spreads throughout 2024. The firm cites free cash flow generation and rising RD contributions for the upgrade.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on MPC:
- Marathon Petroleum price target raised by $8 at Barclays, here’s why
- Elliott seeks Phillips 66 board seats, sees 75% share upside
- U.S. regulators say Gulf oil spill to impact several producers, Reuters says
- Marathon Petroleum price target lowered to $166 from $168 at BofA
- Options Volatility and Implied Earnings Moves Today, October 31, 2023