UPDATE: Bank of America Reiterates on Marathon Petroleum Awaiting Better Entry Point From Pullback

In a report published Tuesday, Bank of America analyst Doug Leggate reiterated a Neutral rating on Marathon Petroleum Corp. MPC, and raised the price target from $83.00 to $99.00. In the report, Bank of America noted, “Marathon Petroleum has been amongst the biggest beneficiaries of the recent rebound in crude differentials – and in particular the expansion in sour crude spreads on the US Gulf Coast. However in our view, this is too much too soon, given that downtime at MPC's Garyville refinery is one of the reasons spreads expanded in the first place. Near term we expect spreads to narrow and believe any pullback could provide a better entry point for the shares.” Marathon Petroleum closed on Monday at $87.41.