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Fly News Breaks for December 2, 2016
SXL
Dec 2, 2016 | 06:51 EDT
RBC Capital analyst Elvira Scotto upgraded Sunoco Logistics (SXL) to Outperform and maintained its $32 price target saying the proposed acquisition of Energy Transfer Partners (ETP) will result in a better positioned company for future growth. Scotto said the acquisition will improve overall cost of capital, diversify both businesses, and reduce cash outflows from distribution and improve leverage. The analyst views the selloff in Sunoco shares as overdone and said Permian pipeline constraints could drive upside to 2018 estimates.
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