Marathon Petroleum resumed with a Sell at Freedom Broker

Freedom Broker resumed coverage of Marathon Petroleum (MPC) with a Sell rating and $217 price target Marathon delivered strong results for Q1, with an earnings beat driven primarily by improved crack spreads and tighter supply on the West Coast. However, the current market capitalization already reflects both elevated refining margins and the aggressive capital return program, says the analyst, who believes shares are “overvalued and offer no upside from current levels.”