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.
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