UBS Starts Tesoro Corporation (TSO) at Buy

UBS initiates coverage on Tesoro Corporation (NYSE: TSO) with a Buy rating and a price target of $100.00.

Analyst Spiro Dounis commented, "We expect TSO's growing marketing and midstream footprint to drive multiples expansion given the more stable returns relative to refining. TSO' focus on growing a more diverse portfolio to lower earnings volatility is expected to shift EBITDA contribution to 25% marketing, 30% logistics and 45% refining by 2018 from 20% retail and 80% refining in 2010. By 2018 we believe TSO will derive more of its EBITDA from retail/marketing (vs. refining) than comparable peers under coverage."

For an analyst ratings summary and ratings history on Tesoro Corporation click here. For more ratings news on Tesoro Corporation click here.

Shares of Tesoro Corporation closed at $79.48 yesterday.

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