UPDATE: Credit Suisse Downgrades SunCoke Energy Partners LP as Structural Changes are Likely as Tax Clouds Clear
In a report published Tuesday, Credit Suisse analyst Nathan Littlewood downgraded the rating on SunCoke Energy Partners LP (NYSE: SXCP) from Outperform to Neutral, but raised the price target from $24.00 to $27.00.
In the report, Credit Suisse noted, “CY14 EBITDA is expected to be $105-112mn, in line with CSe ($108mn) but well below consensus ($130mn). Distributable cash flow per unit is expected to be in the range of $2.31-2.53 in 2014, slightly below CSe ($2.47). Although we have upgraded our target price to $27/sh ($24), the rating falls to Neutral as we no longer have sufficient upside to justify an Outperform."
SunCoke Energy Partners LP closed on Monday at $27.00.
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