UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Marathon Oil Corporation
In a report published Monday, Deutsche Bank reiterated its Buy rating on Marathon Oil Corporation (NYSE: MRO), and raised its price target from $33.00 to $40.00.
Deutsche Bank noted, “Having spent time on the road with respective managements, we are raising our price target on Marathon Oil to $40, and reiterate it as a top pick with a BUY. We are cutting Occidental to HOLD on thesis drift. Marathon's patchy exploration & development track record and refining leverage gave it a low multiple. But having split off refining and stepped aggressively into the hottest play in global oil, the Eagle Ford, the company has given itself a growth story, beaten & raised targets, increasing management credibility, taking pressure off its exploration programme, allowing de-risking. It can sell major declining assets to leverage up to the Eagle Ford. All should generate a higher multiple.”
Marathon Oil Corporation closed on Friday at $30.85.
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