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Buoyed by a continued robust operating performance and favorable growth prospects, we are maintaining our Outperform recommendation on Sunoco Logistics Partners (SXL). Recent results have been driven by strength in its crude pipeline system and terminals facilities.
Importantly, the partnership has grown its cash distribution for 29 consecutive quarters. With its stable fee-based revenue, geographically-diverse assets and strong business fundamentals, Sunoco Logistics offers investors an opportunity to capture income growth through steadily rising cash distributions and capital appreciation.
As such, we rate units of Sunoco Logistics as an attractive investment and maintain its Outperform recommendation. Our $59 price objective reflects a 2013 P/E multiple of 18.0x.
SUNOCO LOGISTIC (SXL): Free Stock Analysis Report
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