Barclays Maintains an 'Overweight' on Tesoro Logistics (TLLP); Solid Growth Visibility from Organic Projects and Dropdowns

Barclays maintains an 'Overweight' on Tesoro Logistics (NYSE: TLLP) price target of $28.00.

Barclays analyst says, "Expected double-digit grower with high cash-flow stability, maintain OW rating. We view TLLP as a high-growth, relatively low-risk crude oil/refined products pipeline MLP with an attractive total return value proposition of 15.6%, comprised of 5.6% yield and 10% growth (3-year CAGR). Growth visibility supported by organic projects, including the emerging Bakken Shale, drop-down opportunities and increased asset utilization. Our $28 price target is based on a 12-month distribution run rate of $1.48 and target yield of 5.3%."

For more ratings news on Tesoro Logistics click here and for the rating history of Tesoro Logistics click here.

Shares of Tesoro Logistics closed at $24.20 yesterday.

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