Jefferies Starts Tesoro Corporation (TSO) at Buy, Tesoro Logistics Partners, LP (TLLP) at Hold
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Analyst Corey Goldman commented, "Tesoro boasts a premier set of western-US energy assets focused in refining, marketing, and distribution, ~$500-$800mm of identified EBITDA suitable for potential drop-down into TLLP, dividend & distribution growth potential, and asset diversity which offers cash flow support amid commodity price volatility. That said, we believe TSO support may be needed for TLLP to achieve its stated YE17 EBITDA target & see unit upside capped without it; however, the recognition of this MLP need is a potentially negative catalyst."
Shares of Tesoro Corporation closed at $74.42 yesterday.
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