Zacks Investment Research upgraded shares of Sunoco Logistics Partners, L.P. (SXL) from UNDERPERFORM to NEUTRAL on April 11, 2014, with a target price of $91.00.
Despite weak fourth quarter results, we are upgrading Sunoco Logistics units to Neutral from Underperform. With stable fee-based revenues, geographically-diverse assets and strong business fundamentals, the partnership offers investors the opportunity to drive income through steadily rising cash distributions and capital appreciation. Over the past few years, SXL has consolidated its position in the midstream business, which was achieved through a combination of organic efforts and accretive acquisitions. However, rising costs over the last four quarters is a matter of concern and therefore we see SXL units performing in line with the broader market.
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