As reported earlier, BofA/Merrill analyst Dennis Coleman downgraded MPLX (MPLX) to Neutral from Buy and lowered his price target to $36 from $43. The analyst notes that following the closure of Marathon Petroleum Corporation's (MPC) acquisition of Andeavor (ANDV), investors now anticipate the combination of the MPLX and Andeavor Logistics LP (ANDX) MLPs. Coleman further states that the former acquiring the latter would be modestly accretive for all unitholders and assumes a 10% premium paid in the combination, adding that the enterprise value to EBITDA multiple of the combined entity warrants only a slightly premium valuation for MPLX relative to its peers. As part of his research note, the analyst also lowers his price target on Andeavor Logistics LP to $35 from $42.