Upgrade to Outperform, with a target bprice of $ 24, up from $ 19 previously. Based on comments the company made on yesterday's earnings call, CS expects a slow Q1, mostly weather related, but they expect lots of transactions with SXCP this year as well as a probable disposal of the cpal mining operation.
CS reduces its rating on both SXC and SXCP to Neutral from Outperform. SXC is trading above CS 12-month target price of $ 19, and SXCP is trading right around CS 12-month target price. They like both companies, it's just that they have reached or exceeded the target prices.
Interesting comments about SXC's breakup agreement with Sunoco, which expires on January 18, 2014. That agreement prevented SXC from taking several steps, such as selling its coal mining operation or buying back any stock. They are looking forward to company guidance on what they may do next.