UPDATE: Oppenheimer Initiates Coverage on SunCoke Energy at Outperform

According to Oppenheimer, SunCoke Energy SXC is initiated at Outperform. Oppenheimer said that SunCoke is the largest independent producer of metallurgical coke in North America (5.9M tons of capacity) and holds 105M tons (50+ years) of coal reserves. “We initiate coverage with an Outperform rating and $15 price target.” SunCoke Energy closed yesterday at $10.95.