UPDATE: Credit Suisse Downgrades SunCoke Energy as Story Looks Largely Unchanged in 2014

In a report published Tuesday, Credit Suisse analyst Nathan Littlewood downgraded the rating on SunCoke Energy SXC from Outperform to Neutral, but reiterated the $19.00 price target. In the report, Credit Suisse noted, “SXC's guidance update confirmed that the thesis remains largely unchanged for 2014; being a year which is likely to be about 1) diversifying customer concentration risk, 2) continuing to assess a potential entry into the ferrous industry, 3) pursuing organic growth opportunities in the core coke making business, and 4) a review of the existing capital structure following the January 18 termination of the Sunoco tax agreement. Although we continue to like the SXC story, we'd like more clarity on earnings growth in order to get comfortable with current valuation multiples. Our target price remains unchanged at $19/sh, but rating falls to NEUTRAL.” SunCoke Energy closed on Monday at $22.59.