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DK

Delek US

$34.30

0.99 (2.97%)

, MPC

Marathon Petroleum

$60.17

0.4 (0.67%)

08:46
12/09/19
12/09
08:46
12/09/19
08:46

JPMorgan downgrades Delek US to Underweight, Marathon Petroleum to Neutral

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.

DK

Delek US

$34.30

0.99 (2.97%)

MPC

Marathon Petroleum

$60.17

0.4 (0.67%)

DK Delek US
$34.30

0.99 (2.97%)

06/25/19
06/25/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Tiffany (TIF) downgraded to Hold from Buy at Loop Capital with analyst Laura Champine saying she believes weak tourist traffic continues to impact global demand levels, adding that she is "concerned" that same-store sales growth may prove more difficult to achieve as the company laps its paper flowers launch. 2. GasLog Partners (GLOP) downgraded to Hold from Buy at Stifel with analyst Benjamin Nolan citing valuation and the announcement of an agreement to eliminate the GP's incentive distribution rights in exchange for newly issued limited partner units at a price that Nolan estimates "to be higher than necessary." 3. Kellogg (K) downgraded to Underweight from Equal Weight at Consumer Edge. 4. Delek US (DK) downgraded to Sell from Neutral at Goldman Sachs with analyst Neil Mehta saying the stock has risen 28% since June amid a favorable crude spread between Brent and Midland. 5. Brighthouse Financial (BHF) downgraded to Underperform from Neutral at Credit Suisse and to Sell from Neutral at Goldman Sachs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/22/19
COWN
08/22/19
DOWNGRADE
COWN
Market Perform
Delek US downgraded to Market Perform from Outperform at Cowen
08/22/19
COWN
08/22/19
DOWNGRADE
Target $37
COWN
Market Perform
Delek US downgraded to Market Perform at Cowen
As reported previously, Cowen analyst Jason Gabelman downgraded Delek US to Market Perform from Outperform. The analyst downgrade is based on a free cash flow yield methodology reflecting the Permian differentials compressing more than anticipated at the same time capex is increasing which is limiting cash flow generation. Gabelman lowered his price target to $37 from $45 on Delek US shares.
12/09/19
JPMS
12/09/19
DOWNGRADE
Target $38
JPMS
Underweight
Delek US downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Phil Gresh downgraded Delek US to Underweight from Neutral with a $38 price target. The analyst believes IMO 2020 is now largely priced into the shares.
MPC Marathon Petroleum
$60.17

0.4 (0.67%)

10/17/19
SBSH
10/17/19
NO CHANGE
SBSH
'Strongest' Marathon consensus seems to be for Speedway spinoff, says Citi
Citi analyst Prashant Rao says that in the weeks since Elliott's activist proposal, he has spoken to parties on multiple sides of the arguments for unlocking value at Marathon Petroleum (MPC). The analyst points out that the strongest consensus seems to be for a retail - Speedway - spinoff. His blue-sky sum of the parts on just a Speedway spinoff sees implied value of $105 per Marathon Petroleum share, with $54 from R&M, $23 from Speedway, and a $28 value for the company's MPLX (MPLX) stake.
10/31/19
CFRA
10/31/19
DOWNGRADE
CFRA
Hold
Marathon Petroleum downgraded to Hold from Buy at CFRA
CFRA downgraded Marathon Petroleum to Hold from Buy.
12/04/19
LEHM
12/04/19
NO CHANGE
Target $27
LEHM
Overweight
MPLX price target lowered to $27 from $33 at Barclays
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.
12/09/19
JPMS
12/09/19
DOWNGRADE
Target $67
JPMS
Neutral
Marathon Petroleum downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Phil Gresh downgraded Marathon Petroleum to Neutral from Overweight with a $67 price target. The analyst believes IMO 2020 is now largely priced into the shares.

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MS

Morgan Stanley

$57.51

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EADSY

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WORK

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FB

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BP

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EXPR

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WTR

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  • 06

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COE

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LB

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