UPDATE: Brean Murray Carret Upgrades SunCoke Energy to Buy

Brean Murray Carret raised its rating on SunCoke Energy (NYSE: SXC) from Hold to Buy and established a $20 price target.

Brean Murray Carret commented, "Yesterday after the close, SunCoke Energy announced the approval of the formation of a Master Limited Partnership (MLP) by their Board of Directors. The Board concurrently approved the filing of a registration statement to effect the initial public offering (IPO) of the MLP. … On our analyses, this provides a major catalyst for the stock and justifies a higher multiple for the enterprise. On these factors, expressed in greater detail below, we are upgrading SunCoke Energy to a Buy with a target price of $20."

SunCoke Energy closed at $15.02 on Thursday.