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Fly News Breaks for February 25, 2020
MPC, MPLX
Feb 25, 2020 | 07:38 EDT
JPMorgan analyst Jeremy Tonet downgraded MPLX (MPLX) to Neutral from Overweight with a price target of $27, down from $32. The possibility of Marathon Petroleum (MPC) "taking back" represents notable risk for MPLX in the form of an adverse portfolio shift and unfavorable valuation, Tonet tells investors in a research note. Given historical strategic actions adversely impacting MPLX, Marathon's ability to provide MPLX "with a solid deal does not necessarily indicate a willingness to do so," says the analyst. Further, he sees increasing the G&P portfolio composition as detracting from investor interest, even if MPLX converts to a c-corp.
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