UPDATE - Barclays Downgraded Sunoco (SUN) to Equalweight, Citing SXC Spin-Off

UPDATE - Barclays downgraded Sunoco (NYSE: SUN) from Overweight to Equalweight, price target cut from $46 to $37.

Barclays analyst, Paul Y. Cheng, siad, "After nearly 18 months since Sunoco first announced plans to separate its coke operation, the company has completed the long-awaited step with the successful distribution of SUN's remaining SunCoke Energy (NYSE: SXC) shares to its shareholders on January 17, 2012...Although we think SUN's potential actions will be greeted positively by the market, upside potential now appears somewhat limited."

Cheng also thinks SUN could approve another stock buyback or further separate the retail and logistics into two companies. However, Cheng no longer see as much upside potential in the stock as before.

To see more ratings on SUN, Click Here

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