  We present the results obtained by a detailed study of the extragalactic Z
source, LMC X-2, using broad band Suzaku data and a large ($ \sim 750$ ksec)
data set obtained with the proportional counter array (PCA) onboard RXTE. The
PCA data allows for studying the complete spectral evolution along the
horizontal, normal and flaring branches of the Z-track. Comparison with
previous study show that the details of spectral evolution (like variation of
Comptonizing electron temperature), is similar to that of GX 17+2 but unlike
that of Cyg X-2 and GX 349+2. This suggests that Z sources are heterogeneous
group with perhaps LMC X-2 and GX 17+2 being member of a subclass. However non
monotonic evolution of the Compton y-parameter seems to be generic to all
sources. The broad band {\it Suzaku} data reveals that the additional soft
component of the source modelled as a disk blackbody emission is strongly
preferred over one where it is taken to be a blackbody spectrum. This component
as well as the temperature of seed photons do not vary when source goes into a
flaring mode and the entire variation can be ascribed to the Comptonizing
cloud. The bolometric unabsorbed luminosity of the source is well constrained
to be $ \sim 2.23 \times 10^{38}$ ergs/sec which if the source is Eddington
limited implies a neutron star mass of 1.6 M$_\odot$. We discuss the
implications of these results.
