UPDATE: Bank of America Upgrades SunCoke Energy on Bad News Being Priced In
In a report published on Friday, Bank of America analyst Timna Tanners upgraded SunCoke Energy (NYSE: SXC) from Sell to Neutral and raised the price target on the company from $15 to $16.
In the report, Bank of America stated, "We upgrade SXC to Neutral in light of recent weak performance with a look toward 2014 and past recent challenges related to the coal market, India start-up, and Middletown/Indiana Harbor disruptions. We believe it will renew its supply agreement with MT and after January its Sunoco tax agreement expires it can pursue strategic alternatives, i.e. dropping down more assets to the MLP. We remain cautious on coal, its small customer base, and see limited growth in coke."
SunCoke Energy closed on Thursday at $15.19.
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