Bank of America Reiterates Buy, $50 PO on Marathon Petroleum

Bank of America remains Buy-rated with a $50 price objective on Marathon Petroleum (NYSE: MPC) as the company launches an $850mm accelerated share repurchase.

Bank of America says, "Following the announcement of $2bn of share repurchase authorization with their earnings release 2 days ago, MPC this morning announced plans to launch an accelerated repurchase program of $850 over the first 3 quarters of this year. We had modeled $600 over the same time frame."

MPC closed at $43.62 a share on Thursday.