- Credit Suisse cuts both SunCoke Energy (SXC -1%) and SunCoke Partners (SXCP -0.9%) to Neutral from Outperform (I, II).
- The firm says SXC's guidance update confirmed that the thesis remains largely unchanged for 2014, a year which is likely to be about diversifying customer concentration risk, continuing to assess a potential entry into the ferrous industry, and a review of the existing capital structure following the January termination of the Sunoco tax agreement.
- On SXCP, the firm sees 2014 EBITDA of $105M-$112M, well below $130M consensus, and distributable cash flow per unit of $2.31-$2.53.
SunCoke, SunCoke Partners downgraded at Credit Suisse
Dec 17 2013, 15:59 ET