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Fly News Breaks for December 6, 2018
ANDV, MPC
Dec 6, 2018 | 08:58 EDT
Cowen analyst Jason Gabelman raised his price target on Marathon Petroleum to $101 from $87 following its analyst day. He said it implied the company is buying back its full repurchase authorization for year-ending 2020. At the event, the company increased Andeavor (ANDV) synergies and showed its leverage to IMO 2020, Gabelman noted. He said the developments should support long-term valuation while near-term reaction could be a symptom of market dynamics. Gabelman reiterated his Outperform rating on Marathon Petroleum shares.
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