UPDATE: J.P. Morgan Upgrades Marathon Oil Corporation to Overweight, Raises PT
In a report published Friday, J.P. Morgan & Co. upgraded its rating on Marathon Oil Corporation (NYSE: MRO) from Neutral to Overweight, and raised its price target from $30.00 to $35.00.
J.P. Morgan noted, “We are upgrading MRO from Neutral to Overweight and are increasing our YE2013 price target to $35/share, implying potential upside of 17%, compared with the group offering potential upside of 37%, on average. Although the potential upside lags the peers, we believe the MRO story is on a faster track to a turn in investor sentiment, as improving results in the Eagle Ford and Bakken underpin a loftier near-term production growth outlook, a potential sale of the company's oil sands mining operations could unlock additional value above our current price target, and an exploration program could serve as a source of unexpected share price catalysts through the end of 2013.”
Marathon Oil Corporation closed on Thursday at $29.86.
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