UPDATE: Bank of America Resumes SunCoke Energy at Underperform on Cautious Industry Outlook
Bank of America resumed coverage on SunCoke Energy (NYSE: SXC) with an Underperform rating and announced a $17.00 price objective.
Bank of America commented, "We reinstate coverage of metallurgical coke producer SunCoke (SXC) at Underperform following the spinoff of SunCoke Partners LP (SXCP), a Master Limited Partnership (MLP) containing 65% of SXC's two best performing assets. While we are positive on the MLP and SXC's continued exposure to it, we think the parent's divestiture of its best assets over time leaves it increasingly exposed to riskier coal assets and uncertain organic growth and international expansion."
SunCoke Energy closed at $17.45 on Monday.
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