SUN - Sunoco downgraded at Mizuho on valuation margin concerns

Sunoco LP ([[SUN]] +1.2%) rises even as Mizuho downgrades shares to Neutral from Buy with a $33 price target on concerns over valuation and the company's margins, as energy names trade broadly higher today.Sunoco has surged by nearly a third from September lows, but "near-term upside could be limited given tighter commodity supply and in spite of demand tailwinds from the nationwide COVID-19 vaccine roll-out," Mizuho's Gabriel Moreen writes."We continue to acknowledge the merits of SUN's fungible model and peer-leading fuel distribution position, but believe the bulk of SUN's re-rating has been achieved," Moreen says.

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Sunoco downgraded at Mizuho on valuation, margin concerns