Barclays analyst Christine Cho lowered her price target for MPLX (MPLX) to $27 from $33 after evaluating whether or not it makes sense for Marathon Petroleum (MPC) to spin out its MPLX interest via a distribution to its shareholders. The analyst's analysis indicates that it doesn't make sense to do so with the primary issue stemming from assets "inside the refinery gate" that currently reside at MPLX. Leaving them there and separating would render MPC's cost structure too high and leave integral infrastructure in the hands of a third party while rolling up the assets would likely be dilutive for both parties, Cho tells investors in a research note. She keeps an Overweight rating on MPLX.