Citi upgraded Sunoco LP (SUN) to Buy from Neutral with a price target of $65, up from $54. The analyst cites several cash flow accretive transactions from the company for the upgrade. The January 11 transactions drive 25% of the target price increase and the NuStar Energy (NS) Acquisition drives the remaining 75% increase, the analyst tells investors in a research note. The firm views the NuStar Energy acquisition as transformative, saying it diversifies Sunoco ‘s cash flows, boosts its credit profile and trading liquidity, and opens up a wider array of investment options.
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Read More on SUN:
- Sunoco LP falls -6.7%
- Sunoco LP falls -9.6%
- M & A News: Sunoco (NYSE:SUN) Acquires NuStar (NYSE:NS) in $7.3B Deal
- Sunoco LP sees NuStar Energy acquisition immediately accretive
- Sunoco LP to acquire NuStar Energy in all-equity transaction valued at $7.3B
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