MPLX price target raised to $59 from $54 at Wells Fargo

Wells Fargo raised the firm’s price target on MPLX (MPLX) to $59 from $54 to reflect a higher long-term EBITDA and distribution growth forecast, while keeping an Overweight rating on the shares. The firm notes MPLX announced a series of Gulf Coast NGL investments and signaled higher run rate capex as the wellhead to water strategy advances.