UPDATE - Global Hunter Securities Initiates Coverage on Tesoro Corp (TSO) with a Buy; Yield Enhancement is the Biggest Needle Mover

UPDATE - Global Hunter Securities initiates coverage on Tesoro Corporation (NYSE: TSO) with a Buy. PT $40.00.

Global analyst said, "Tesoro's asset base has been somewhat held out of favor by the investment community, given its exposure to volatile California demand. However, we view Tesoro's major capital projects, largely aimed at yield enhancement, as instilling deep value within TSO shares."

"TSO shares trade at 2.5x 2012E EV/EBITDA, although we note we are making limited provisions for the impact of the Bakken rail link or California upgrades. Should those projects live up to guidance, we believe TSO shares will emerge as an outperformer as investors digest the still strong earnings power of the assets and the company's recent habit of roundly beating expectations."

To see more ratings changes on TSO, Click Here

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