Murphy USA initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of Murphy USA (MUSA) with an Overweight rating and $539 price target Convenience stores should see profit tailwinds for multiple quarters from recent fuel price volatility, the analyst tells investors in a research note. The firm says industry conditions are shifting more in Murphy’s favor. The company derives a higher percentage of its sales from fuel and tobacco and focuses on being the low-cost provider of fuel, contends JPMorgan.