UPDATE: Cowen Securities Raises PT on Marathon Petroleum on Asset & Balance Sheet Quality

Cowen Securities analyst Sam Margolin published a report on Marathon Petroleum (NYSE: MPC) that reiterated its Buy rating and raised the price target from $75 to $120.

Cowen Securities reported that, “We expect the refining group to remain volatile in the near term, as multiple margin and cost indicators of varying significance and impact clarity swing widely. The issue of RINs pricing, a highly opaque driver with minimal disclosure of company-specific inventory, purchasing activity, and exposure, is exacerbated by a crack spread and crude differential environment that is contracting, yet well above levels typical of a mid-cycle environment. Through the chaos, we expect MPC's asset and balance sheet quality to carry continued outperformance.”

Shares of Marathon Petroleum closed at $86.83 on Wednesday.

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