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Investing.com - TD Cowen has raised its price target on Marathon Petroleum (NYSE:MPC) to $195.00 from $182.00 while maintaining a Buy rating on the stock. The company’s shares are currently trading at $185.03, near their 52-week high of $186.28, after posting impressive returns of 25.1% over the past six months.
The firm cited higher crack spread forecasts as the primary reason for the price target increase. TD Cowen continues to view Marathon Petroleum as its top pick in the refining sector. According to InvestingPro data, analysts’ price targets range from $142 to $222, suggesting mixed opinions about the stock’s potential, though current Fair Value analysis indicates the stock may be slightly undervalued.
The analyst’s valuation approach uses a net present value (NPV) methodology based on 2025-2026 forecasts, with 2026 treated as a mid-cycle, terminal year for valuation purposes.
For most companies in the refining group, TD Cowen employs an NPV of free cash flow (FCF) model, though it uses a 50/50 weighting of FCF and EBITDA specifically for PBF Energy.
The firm has raised price targets across the refining sector, primarily due to higher margin assumptions for 2026.
In other recent news, Marathon Petroleum reported robust second-quarter 2025 earnings, surpassing market expectations with an earnings per share (EPS) of $3.96 against a forecasted $3.11. The company’s revenue also exceeded predictions, totaling $34.1 billion compared to the anticipated $33.04 billion. UBS has reiterated its Buy rating on Marathon Petroleum, highlighting stronger crack spreads and wider Western Canadian Select crude differentials. The investment bank adjusted its 2025 earnings per share estimate for Marathon Petroleum to $8.14, up from $7.08, following the company’s earnings beat. Meanwhile, Madison Pacific Properties announced changes to its board of directors, with two long-serving members stepping down by the end of September 2025. Mark Elliott, who served over twelve years, and Jonathan Rees, with more than six years of service, will be replaced by two new directors. These developments reflect ongoing shifts within both companies.
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