Piper Jaffray analyst Guy Baber upgraded Marathon Oil (MRO) to Overweight saying the story has improved with the equity offering and non-core asset sales.

The analyst raised his price target for the shares to $16 from $14, which represents 25% upside potential. Suncor (SU) remains Baber’s top pick in the Major Oils space with 40% upside potential to his $40 price target.