Evercore ISI analyst Stephen Richardson initiated coverage of Marathon Petroleum (MPC) with an In Line rating and $170 price target Marathon “stands at the intersection of downstream cash flow generation and midstream capital efficiency,” the analyst tells investors in a research note. The firm says the stock’s recent outperformance versus peers reflects optimism on the company’s California margin durability and a midstream re-rating. While Evercore sees upside from Marathon’s “Mid-Con momentum” and long-cycle optionality in California, it says these positives are reflected in the stocks’ current valuation.
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