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Bank of America initiated coverage on SunCoke Energy Partners (NASDAQ: SXCP) with a Buy rating and a $23.00 price objective.

Bank of America noted, "We initiate SunCoke Energy Partners LP (SXCP) with a Buy rating and $23 PO. SXCP is the MLP spinoff of SunCoke Energy (SXC) and holds 65% of two coke ovens. We like its steady take-or-pay contract structure with ~13 remaining years. SXCP compares to traditional fee-based MLPs given its pass-through structure and limited commodity risk. We estimate drop downs can drive 6-7% annual distribution growth. It IPOed at $19/shr, the low end of its range, on Jan 18."

SunCoke Energy Partners closed at $20.55 on Monday.

Latest Ratings for SXCP

Jan 2016BarclaysDowngradesEqual-WeightUnderweight
Sep 2015FBR CapitalInitiates Coverage onOutperform
Jul 2015BarclaysMaintainsEqual-Weight

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Posted-In: Bank of AmericaAnalyst Color Initiation Analyst Ratings


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