Sunoco (NYSE:SUN) Gets Mixed Responses to Recent Moves

Goldman Sachs (NYSE:GS) reiterated its sell rating on Sunoco (NYSE:SUN), while BMO Capital upgraded the company from Underperform to Market Perform.

BMO also increased their price target from $25 to $36. Goldman's price target on the company is $30 a share.

While Goldman is impressed with the new CEO and CFO of the company and the steps they're taking to increase shareholder value, the added:

“Sunoco, at its core, remains heavily exposed to the East Coast refining and fuels market, which we view as the least favorable refining region in the United States given low-cost import pressure, a poor secular demand outlook, and stubbornly high levels of spare capacity. We remain concerned about the likelihood of medium-term refining cash burn—notwithstanding better 2Q2010 results—and hence value erosion of the company’s better positioned businesses.”