The firm said it lowered its rating on the company, which is engaged in the business of refining, transporting, and marketing petroleum products in the U.S., based on its belief that new global capacity will weigh on industry margins in the coming year.
Wells Fargo changed its price target range to $38-$41, from $38-$42 on Marathon Petroleum stock.
Shares of Marathon Petroleum are lower by 0.85% to $81.50 in pre-market trading this morning.
Separately, TheStreet Ratings team rates MARATHON PETROLEUM CORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate MARATHON PETROLEUM CORP (MPC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in net income, attractive valuation levels, good cash flow from operations, impressive record of earnings per share growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: