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SunCoke shares rise after upgrade to "Buy"

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    Posted: Mar 19 2012 at 4:48pm
Shares of coal producer SunCoke Energy Inc. rose Monday on investor optimism that the company's capacity increases will boost its long-term profits.

THE SPARK: Goldman Sachs analyst Andre Benjamin boosted his rating for the company to "Buy" from "Neutral" and added the stock to the bank's "Americas Conviction List." He also boosted his price target for the Lisle, Ill.-based company by $4 to $19.

THE BIG PICTURE: SunCoke, which was spun off from Sunoco Inc. last year, produces metallurgical and thermal coal used in steelmaking.

Benjamin noted that SunCoke is in the process of ramping up its Middletown, Ohio, plant and said he also expects the company to move forward with another plant in Kentucky that's set to begin production in 2015.

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