BUZZ-Sunoco Corp gets 'buy' rating as Citi initiates coverage
Reuters
Nov 11
BUZZ-Sunoco Corp gets 'buy' rating as Citi initiates coverage
** Citi initiates coverage on Sunoco Corp SUNC.N with a 'buy' rating; sets PT at $65, reflecting about 31.45% upside on the stock's last close
** Brokerage is optimistic about growth and profitability of fuel distributor Sunoco LP SUN.N
**Sunoco Corp owns units of Sunoco LP
** "We expect valuation to largely mirror SUN – though its valuation relative to SUN can depend on the length of SUNC's dividend equivalency to SUN and demand for the simpler tax setup" - Citi
** Citi expects SUN fundamentals to be the primary driver of SUNC's performance
(Reporting by Anuj T in Bengaluru)
((anuj.t@thomsonreuters.com))
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