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UPDATE: JP Morgan Initiates Marathon Petroleum at Neutral; Valuation Currently Full

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JP Morgan initiated coverage on Marathon Petroleum (NYSE: MPC) with a Neutral rating and a $62 price target.

JP Morgan commented, "We believe the MPC portfolio offers attractive exposure to the US Mid-Continent and Gulf Coast regions, investments designed to position the portfolio for an evolving North American crude production outlook, expanding Gulf Coast presence upon closure of the Texas City acquisition, and a midstream MLP that may serve as a source of additional value capture via asset dropdowns. However, we believe the current share price largely reflects underlying value, potentially limiting investors to the generous cash returns rather than capital appreciation, supporting our Neutral rating."

Marathon Petroleum closed at $59.40 on Thursday.

Latest Ratings for MPC

DateFirmActionFromTo
Sep 2014Howard WeilDowngradesSector OutperformSector Perform
Aug 2014Credit SuisseUpgradesNeutralOutperform
Jul 2014Wolfe ResearchUpgradesPeerperformOutperform

View More Analyst Ratings for MPC
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

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