UPDATE: Oppenheimer Lowers PT on Marathon Oil to $40

Oppenheimer is out with its report today on Marathon Oil

, reiterating Outperform. In a note to clients, Oppenheimer writes, "We are reiterating our Outperform rating on MRO with a new price target of $40/share ($62 prior), as a result of the spin-off of its downstream business, scheduled for completion today. MRO is now one of the most undervalued large E&P companies with its shares trading at lower multiples of earnings, cash flow, and EBITDA than most of its peers." Shares of MRO closed Wednesday at $51.63, up 0.49% from Tuesday's close.