Oil & Gas - Energy - Commodities - Resources (OILBRENT)

[benfrankledger]

$ANDV $MPC Andeavor is downgraded to Neutral from Outperform with a $145 price target at Credit Suisse, which says Marathon Petroleum's takeover offer fairly values the company at ~$152/share and a competing bid is unlikely.

The narrowing of West Coast base cracks represents a near-tern headwind for ANDV, analyst Manav Gupta says, after barely breaking even on the West Coast in Q1 and posting a loss in two of four quarters during 2017.
Gupta views the $1B in synergies ANDV expects within three years of the completion of the deal as achievable, and upside to retail synergies cannot be ruled out, citing MPC CEO Gary Heminger's track record.