Stifel Downgrades Sunoco (SUN) to Hold, 'Good Quarter, Positive Outlook, Valuation Reflects It'

Stifel analyst Selman Akyol downgraded Sunoco (NYSE: SUN) from Buy to Hold with a price target of $62.00.

The analyst comments "SUN posted 4Q23 results above our estimates and reiterated its FY24 Adjusted EBITDA guidance of $975 million to $1.0 billion. Management commented on its NuStar acquisition and two terminals from Zenith Energy, saying it expected to realize synergies quickly and would continue to evaluate additional M&A opportunities. The guidance does not include the NuStar acquisition, but our valuation does. SUN reiterated its capital allocation priorities and added that its view on its IDRs was unchanged. We are lowering our rating to Hold as the stock is trading in line with our target multiple of 9.5x and $62 target price."

For an analyst ratings summary and ratings history on Sunoco click here. For more ratings news on Sunoco click here.

Shares of Sunoco closed at $62.16 yesterday.

You May Also Be Interested In

• Deutsche Bank Downgrades Workday (WDAY) to Hold
• Nyxoah SA (NYXH) PT Lowered to $6 at Cantor Fitzgerald to Reflect Current Trading Levels
• CVRx Inc (CVRX) PT Lowered to $5 at Cantor Fitzgerald on Q2 Update Pressures