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

Barclays maintains an 'Overweight' on Tesoro Logistics (NYSE: TLLP) price target raised from $30 to $34.

Barclays analyst says, "Raising price target to $34 on new growth projects and first drop down. We previously commented TSO's analyst day was a potential catalyst for TLLP, and it turned out to be so. TLLP announced $80mm of new organic projects plus its first asset drop down (estimate $65mm range). While 2012-2013 capex was roughly in line with our assumptions, expected returns exceed our previous estimates. We believe TLLP's announcements provide increased visibility on its strong growth prospects. We forecast TLLP to post 3-year distribution CAGR of 14.3%, among the highest in the MLP sector."

Barclays raises FY11 EPS estimate from $1.14 to $1.15 and FY12 from $1.77 to $1.93.

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 $31.74 yesterday.

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