As previously reported, BofA/Merrill downgraded Marathon Oil to Neutral from Buy and lowered its price target to $22 from $25. Analysts led by Doug Leggate said oil markets are taking longer to re-balanced than previously expected and the commodity team lowered its mid year peak in Brent oil prices to $60 from $70. The analyst sees reduced tailwinds from oil prices and risk that growth guidance will be revised lower. Leggate also said lower oil prices reduces capital availability and reduces the pace of development and planned growth for Marathon.