Barclays Maintains an 'Overweight' on Tesoro Logistics (TLLP); Raising PT & Estimates

Barclays maintains an 'Overweight' on Tesoro Logistics (NYSE: TLLP) price target raised $2 to $30.00.

Barclays analyst says, "Off to good start with bump in first full quarter post IPO, next potential catalyst analyst day. We raise our price to reflect solid 3Q results, sooner-than-expected distribution bump, and improving growth visibility. Our $30 PT is based on a 12-month distribution run rate of $1.58 (previously $1.48) and target yield of 5.25% (previously 5.3%). Double-digit distribution growth visibility (we expect 12.7% in 2012) is supported by organic projects, including the emerging Bakken Shale and drop down opportunities. The next potential catalyst is TLLP's 12/5 analyst day, were management will provide guidance on 2012 expansion capex and likely its dropdown expectations."

Barclays raises FY11 EPS estimate from $0.99 to $1.14 and FY12 from $1.72 to $1.77.

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

Shares of Tesoro Logistics closed at $26.85 yesterday.

You May Also Be Interested In

• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• Mizuho Reiterates Outperform Rating on Broadcom Limited (AVGO) Into EPS
• Clear Street Reiterates Buy Rating on Anterix Inc. (ATEX)