Sunoco (SUN)

Our Underperform recommendation on Sunoco (<a href=http://www.zacks.com/stock/quote/Sun>SUN</a>) shares takes into account the bearish refining margin outlook. A growing supply overhang in the face of a recession-induced fall in global oil product demand has led to a squeeze in refiners profits. <p> Sunoco&#39;s lack of geographic diversification and refining flexibility has also become a major liability, in our view. Weighed down by these factors, the company posted a second-quarter 2009 loss. <p> Overall, we see a fairly unfavorable macro backdrop for independent refiners like Sunoco. We believe this will cause Sunoco shares to underperform relative to the market as well as the sector in the coming quarters.

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