Goldman Sachs is bullish on Marathon Petroleum, saying that as prices in the oil industry become more volatile, the company will continue to outperform.
It's time to buy Marathon Petroleum , according to Goldman Sachs. The firm upgraded the energy stock to buy from neutral. Marathon Petroleum was previously its top pick within the refining oil segment from 2018 to 2022, but was "prematurely" downgraded to neutral, Goldman said. Analyst Neil Mehta upgraded the stock again, saying that he still sees momentum for the stock's return of capital and execution.
"We highlight the return of capital for MPC is substantial, where we raise our buyback forecasts. … Ultimately, we believe MPC deserves a premium multiple given these factors," Mehta said. The analyst raised his price target to $150 from $132, implying 14% upside from Tuesday's close price.
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