Morgan Stanley Raises PT on Sunoco to $53, Overweight

Morgan Stanley raised its price target on Sunoco (NYSE: SUN) from $50 to $53, after raising its earnings per share estimates for 2012.

In a research report published today, Morgan Stanley states, "we are raising our SUN 2012 EPS estimates from $2.98 to $3.27 to reflect higher coal production and $250MM of debt reduction (from cash). We are also raising our target price to $53 from $50 to reflect higher cash position, higher 2012 earnings and a de-risking of NAV as assets are monetized."

At the moment, Morgan Stanley has an Overweight rating on the company's stock. On Monday, Sunoco lost 1.2% of its value to close the day at $39.40. Its shares regained some of yesterday's losses in today's pre-market trading, however, rising 0.46% to $39.58.