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      "text": "We use [a lower EBITDA multiple] for MPC given its relatively less desirable refining asset footprint. — Jefferies, August 2016; Rain or Shine, Buybacks through Cycle; Upgrade to Buy — Jefferies, March 2023; MPC is a top-tier refining operator with commercial excellence...MPC [is our] top refining pick even after dramatic outperformance over roughly the past two years. — Raymond James, January 2023; [With] SU's older asset base and the current rising cost environment, it could be difficult to lower absolute operating costs. — J.P. Morgan, April 2022; SU continues to execute well under CEO Kruger, with strong operational results at nearly every Upstream and Downstream asset... — J.P. Morgan, November 2024; While our unchanged target price of $40 drives an attractive total return including dividends of ~19%, we remain In Line rated as we gain more comfort with the newly acquired business line and company's ability to execute on its pro forma financial plan. — Evercore, June 2023; During 2023 and 2024, NRG has been steadfast in executing against their operational and financial framework, which has yielded benefits as the company exceeded its adj. EBITDA guidance mid-point in '23 and raised its '24 guidance. — Evercore, January 2025; In a somewhat surprising tactic, PSX management talked down the potential [sum-of-the-parts] upside (i.e., [stating that the Company is] fairly valued). — Piper Sandler, March 2025",
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