UPDATE: Imperial Capital Initiates Marathon Petroleum at Outperform on Quality, Integrated Business Lines
Imperial Capital initiated coverage on Marathon Petroleum (NYSE: MPC) with an Outperform rating and a $64 price target.
Imperial Capital noted, "Among the independent refiners universe, we believe MPC stands apart from its peers, offering investors a high quality, integrated downstream business focused in the attractive Midwest and Gulf Coast regions of the U.S. … With its refining hardware centered in the Midwest and Gulf Coast regions, MPC is well positioned to process “advantaged crudes” including inland domestic barrels from the Bakken, Eagle Ford, and Utica Shale plays and heavy Canadian crude oils. Its Gulf Coast refineries are well positioned to exploit export opportunities."
Marathon Petroleum closed at $53.91 on Tuesday.
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