UPDATE: Bank Of America Reiterates On Marathon Petroleum Following 1Q14 Earnings Recap

In a report published Friday, Bank of America analyst Doug Leggate reiterated a Neutral rating on

, and raised the price target from $95.00 to $100.00. In the report, Bank of America noted, “After doubling consensus in 4Q13, MPC missed on planned downtime exacerbated by weather with opportunity costs in the quarter pegged at $150mm pretax; absent this loss EPS would have been in line. Notably MPC managed to replicate the same strong margin capture with the continued benefits of access to what is a tight Florida market. Otherwise an asset footprint favorably exposed to the incremental shift in surplus production towards the US Gulf Coast, defensive characteristics from its position in MPLX and strong retail presence all support MPC's outlook. But we maintain our view that strong performance has lifted the shares within sight of fair value.” Marathon Petroleum closed on Thursday at $95.44.