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Fly News Breaks for February 10, 2020
MPC, MPLX
Feb 10, 2020 | 04:59 EDT
Credit Suisse analyst Spiro Dounis downgraded MPLX (MPLX) to Neutral from Outperform with a price target of $25, down from $29. The strategic review may be dilutive to MPLX for the benefit of Marathon Petroleum (MPC), Dounis tells investors in a research note. In addition, several major Northeast counterparties have seen their credit ratings downgraded which could trigger customer liquidity events, adds the analyst, who also highlights the steep decline in natural gas prices. As such, Dounis concludes that the "accumulation of headwinds" balances MPLX's risk/reward tradeoff.