Marathon Petroleum price target raised to $192 from $190 at Raymond James

Raymond James raised the firm’s price target on Marathon Petroleum (MPC) to $192 from $190 and keeps a Strong Buy rating on the shares. The firm expects Q4 refining company results to be “ugly,” though large-cap refiners should be more resilient, the analyst tells investors in a research note. Cold winter weather has boosted the shorter-term demand picture for middle distillates, while the positive boost from a supportive energy tape and increased sanctions outlook has flowed through to optimism in refining shares, the firm says. Raymond James believes the refining macro will reach an inflection point by mid-year and especially in 2026 and beyond, particularly as more shutdowns will offset the new supply that is expected to hit the market, while demand increases.