Shares of Marathon Petroleum (MPC) surged 5.71% in pre-market trading on Monday, following a series of positive analyst adjustments to the company's price targets. The stock's strong performance comes as Wall Street analysts express increased confidence in the energy company's prospects.
Leading investment banks have revised their outlook on Marathon Petroleum, with all maintaining positive ratings. Jefferies made the most significant adjustment, raising its price target to $180 from $169, while reiterating a Buy rating. UBS followed suit, increasing its target to $175 from $170 and maintaining a Buy rating. Barclays also joined the bullish chorus, lifting its price target to $159 from $141 and keeping an Overweight rating on the stock.
The wave of optimistic revisions suggests that analysts see substantial upside potential in Marathon Petroleum's shares. According to FactSet, the average rating for MPC stock is currently Overweight, with a mean price target of $162.29. The positive sentiment from Wall Street, coupled with the higher price targets, appears to be driving investor enthusiasm and contributing to the stock's significant pre-market rally.
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