UPDATE: Benchmark Upgrades Sunoco To Hold

According to Benchmark, Sunoco (NYSE: SUN) rating is upgraded to Hold.

Benchmark said that the rating is raised to HOLD on recently announced exit from refining business and related restructuring implications. “Liquidation value of Sunoco shares estimated at $37.40 per share, versus, $55.00 previously, with the reduction due primarily to the lower, after-tax value (net of penalties and charges) of crude oil and refined product inventories.”

Sunoco closed yesterday at $38.08.