Barclays Excited About Tesoro Corp (TSO); Offers Very Attractive Buying Opportunity

Barclays reiterates an 'Overweight' on Tesoro Corporation (NYSE: TSO) price target of $37.00.

Analyst, Paul Y. Cheng, said, "TSO announced that the company has the permit to deliver up 50 mb/d of Bakken crude to its Anacortes Rail Facility, compared to 30 mb/d initially. While management did not give a firm timeline on the updated project, we estimate the unit train will start at 30 mb/d in September 2012 and ramp toward 50 mb/d by the beginning of 2013 in light of the earlier start-up of the original 30 mb/d project by approximately 3 months (announced on 1Q12 earnings)."

Cheng thinks shares are attractively valued, citing cheap valuation and strong free cash flow (through 2016), and book value lower than peers.

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 $23.25 yesterday.

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