Raymond James analyst Justin Jenkins raised the firm’s price target on Marathon Petroleum (MPC) to $203 from $199 and keeps an Outperform rating on the shares. Raymond James expects Q3 to be “solid” for nearly all refiners, and strong overall crack spreads should push refining earnings to levels not seen since early-2024, the analyst tells investors in a research note. The firm adds that Q4 is off to a solid start, though the typical rollover in seasonal margins is starting to emerge, and believes 4Q25/2026 revisions need to stay positive for refiners to continue to work.
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