Brean Murray Carret & Co. Upgrades SunCoke Energy (SXC) to Buy; Approving Formation of MLP
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Price: $15.43 +1.25%
Rating Summary:
5 Buy, 3 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
5 Buy, 3 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade SXC Now!
Brean Murray Carret & Co. upgraded SunCoke Energy (NYSE: SXC) from Hold to Buy with a price target of $20.00.
Brean analyst said, "Yesterday after the close, SunCoke Energy announced the approval of the formation of a Master Limited Partnership (MLP) by their Board of Directors. The Board concurrently approved the filing of a registration statement to effect the initial public offering (IPO) of the MLP. Such a development has been anticipated by investors although there remained some uncertainty about the timing of a MLP formation, specifically as it relates to the tax-free spin-off of SunCoke from Sunoco last year and the associated legal complications of divesting assets after a tax-free spin. However, based on last night’s announcement, SunCoke and Sunoco most likely agreed on a structure and contributing assets to the MLP that they are confident would not trigger a tax event for Sunoco (NYSE: SUN)."
For an analyst ratings summary and ratings history on SunCoke Energy click here. For more ratings news on SunCoke Energy click here.
Shares of SunCoke Energy closed at $15.02 yesterday, with a 52 week range of $9.20-$18.00.
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Brean analyst said, "Yesterday after the close, SunCoke Energy announced the approval of the formation of a Master Limited Partnership (MLP) by their Board of Directors. The Board concurrently approved the filing of a registration statement to effect the initial public offering (IPO) of the MLP. Such a development has been anticipated by investors although there remained some uncertainty about the timing of a MLP formation, specifically as it relates to the tax-free spin-off of SunCoke from Sunoco last year and the associated legal complications of divesting assets after a tax-free spin. However, based on last night’s announcement, SunCoke and Sunoco most likely agreed on a structure and contributing assets to the MLP that they are confident would not trigger a tax event for Sunoco (NYSE: SUN)."
For an analyst ratings summary and ratings history on SunCoke Energy click here. For more ratings news on SunCoke Energy click here.
Shares of SunCoke Energy closed at $15.02 yesterday, with a 52 week range of $9.20-$18.00.
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