S&P Capital IQ boosted its rating of Marathon Petroleum MPC Thursday, but cut its price target from $98 to $90.
The price target was cut on a reduced 2014 earnings forecast. Regarding the upgrade, the note states, “Our upgrade is on valuation, with the shares down 17% in two months. We think some of the selloff is on the news that the U.S. Federal government may permit some minimally-processed condensate to be exported starting 8/14, which could weigh on Gulf Coast refining (a key catalyst for MPC). However, we think varying condensate quality means that demand for refining will still be relatively robust.”
Shares of Marathon Petroleum are unchanged Thursday morning at $79.88.
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