Citi Upgrades Sunoco (SUN) to Neutral

Citi upgraded Sunoco (NYSE: SUN) from Sell to Neutral with a price target of $29.00 (from $22.00).

Analyst Faisel Khan comments "Our analysis suggests the deal may have been inked at an after-tax effective multiple closer to 12.7x, when one considers the incremental margin from the take-or-pay supply wholesale supply agreement for 2.2B gallons. This is roughly 41% higher than the 9.0x valuation multiple we were using in our sum of the parts framework, which underpinned our Sell rating."

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 $30.17 yesterday.

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