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Wells Fargo Analyst Raises Price Target on Murphy USA, Maintains Strong Buy Rating

By Don Francis, Editor
September 26, 2023 7:22 AM UTC
Wells Fargo Analyst Raises Price Target on Murphy USA, Maintains Strong Buy Rating

Wells Fargo's Anthony Bonadio raised their price target on Murphy USA (NYSE: MUSA) by 16.7% from $330 to $385 on 2023/09/25. The analyst maintained their Strong Buy rating on the stock.

Bonadio's update came after Wells Fargo's 2023 Consumer Conference, which took place from September 19 to 21, and their meetings with Murphy USA management. Following these events, the analyst expressed optimism about the fuel margin outlook, the company's positioning in the current market, an anticipated acceleration in unit growth, and the absence of terminal value concerns.

It is worth noting that Bonadio's rating aligns with the consensus among top-rated analysts. Currently, 100% of these analysts rate MUSA as a Strong Buy or Buy, with no Hold ratings and no recommendations to sell the stock. This indicates a high level of confidence in Murphy USA's future prospects.

Analysts are also forecasting that Murphy USA will deliver earnings per share (EPS) of $22.76 in the upcoming year. If these predictions hold true, the company's next yearly EPS will see a decrease of 12.2% compared to the previous year.

In terms of stock performance, MUSA has demonstrated strength. Since the last quarterly report on June 30, 2023, the stock price has increased by 9.9%. Looking at a year-over-year comparison, MUSA is up by 24.4%, outpacing the broader S&P 500 index, which has seen a 15.4% increase during the same period.

Anthony Bonadio, the Wells Fargo analyst who issued the updated rating, has an impressive track record. According to WallStreetZen's rankings, Bonadio is placed in the top 26% out of 4,337 Wall Street analysts. They have achieved an average return of 18.8% and an impressive win rate of 87.5%. Bonadio specializes in the Consumer Cyclical sector, making their assessment particularly valuable in this context.

Murphy USA Incorporated is primarily engaged in marketing refined products through a network of gas stations. Additionally, the company serves unbranded wholesale customers. Operating under the brand name Murphy USA, the company's retail stores participate in the Walmart discount program. As of December 31, 2021, Murphy USA operates 1,679 retail gas stations primarily in the Southeast, Southwest, and Midwest regions of the United States. The company was founded in 1996 and has its headquarters in El Dorado, Arkansas.

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