JPMorgan analyst Phil Gresh issued his Refining 2020 outlook with two downgrades, Delek US (DK) to Underweight from Neutral and Marathon Petroleum (MPC) to Neutral from Overweight. For 2020, the analyst thinks that a fair amount of the IMO 2020 upside potential "now feels priced in." While Delek's long-term strategy of investing in more stable Midstream EBITDA makes sense for earnings stability and multiple enhancement, the near-term degradation in its free cash flow yield from tight inland crude differentials "make it difficult to get excited about 2020," Gresh tells investors in a research note. His December 2020 price target for the shares is $38. The analyst also downgraded Marathon Petroleum to Neutral with a $67 price target. The shares now more accurately reflect the value unlock potential from the Speedway spin-off, contends Gresh.