Bearish calls for Marathon Petroleum (MPC), PG&E (PCG) and Verizon (VZ) in Wednesday’s Analysts’ Actions. Marathon Petroleum was cut to MARKET PERFORM from OUTPERFORM at Wells Fargo. The price target range was also slashed to $82-87 from $98-104. Some company specific risks the firm is citing for the downgrade include refinery utilization, unplanned downtime and balance sheet missteps. Gas and Electricity provider PG&E was downgraded to HOLD from BUY at Deutsche Bank. The new price target was raised however by 2 bucks to $54. The firm said ‘lack of sales growth’ is one of the company’s challenges ahead. Dow component Verizon was downgraded to NEUTRAL from BUY at Goldman Sachs with a price target cut to $48 from $55. Intensifying competition from the likes of both Sprint and T-Mobile are behind this downward revision.
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