Morgan Stanley analyst Joe Laetsch lowered the firm’s price target on Marathon Petroleum (MPC) to $174 from $181 and keeps an Overweight rating on the shares. Refiners started off 2024 strong, but softer product demand to start the summer, combined with new capacity adds and existing infrastructure running hard, pressured margins and equities lower throughout the year, the analyst tells investors. Stocks in the group have pulled back, though earnings revisions likely remain a near-term headwind, the analyst added in a 2025 outlook note for the refining and marketing group.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MPC:
- Marathon Petroleum price target lowered to $174 from $175 at Mizuho
- Marathon, Teamsters reach pay deal at Detroit refinery, Reuters reports
- Marathon Petroleum price target lowered to $174 from $176 at JPMorgan
- COP Stock: What the Future Holds for ConocoPhillips After Its Marathon Acquisition
- Elliott sold Marathon Petroleum during Q3, bought more Southwest