UPDATE: Benchmark Raises PT to $47 on Susser Holdings Corporation on Spin-Off

Benchmark reiterated its Buy rating on Susser Holdings Corporation

and raised its price target from $42 to $47. Benchmark noted, "We believe the spin off of Susser Petroleum Partners (NYSE-SUSP) adds value to shareholders of SUSS. We increased our price target for Susser Holdings to $47, from $42, using a sum of the parts analysis after the IPO of Susser Petroleum Partners. Backing out SUSP EBITDA of approximately $40 million from the consolidated Susser Holding income statement, we expect the convenience store business to generate $125 million in FY2012 EBITDA, which we assign a 7 multiple to equate to a value about $36.50 per share. On the approximate $40 million of EBITDA for SUSP, only half belongs to shareholders of SUSS." Susser Holdings Corporation closed at $33.08 on Tuesday.