Mizuho raised the firm’s price target on Sunoco LP to $60 from $55 and keeps a Neutral rating on the shares. The company last week announced two separate transactions, entering into a definitive agreement for the sale of 204 convenience stores to 7-Eleven for $1.0B and an intended acquisition of liquid fuels terminals in Amsterdam, Netherlands and Bantry Bay, Ireland from Zenith Energy, the analyst tells investors in a research note. The firm believes the lack of earnings leakage and liquidity windfall present Sunoco LP with additional opportunities and significant flexibility into 2024.
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Read More on SUN:
- M & A News: Sunoco (NYSE:SUN) Sells Convenience Stores for $1B; Reaffirms 2024 Outlook
- Sunoco LP Announces Sale of West Texas Assets, Acquisition of European Liquid Fuels Terminals, and Reaffirms 2024 Adjusted EBITDA Guidance Range
- Sunoco LP backs 2024 EBITDA guidance range of $975M-$1B
- Sunoco LP to sell 204 convenience stores to 7-Eleven for $1B
- Sunoco LP price target raised by $2 at Mizuho, here’s why
