In a report published Monday, Deutsche Bank reiterated its Buy rating on Marathon Oil Corporation 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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in