39% gain since I called this buy in October 2012. Continued upside anticipated.
12-month price target: US$72.00
Catalyst: 2Q13 fundamentals trends, FTC decision on the Carson acquisition.
I find it very bullish, TSO based on exposure to many positive catalysts ahead. Valuation remains attractive with shares trading at EV/EBITDA of 3.5x and 2.8x on our 2013-14 estimates, respectively.
Tesoro reported adjusted 1Q13 EPS of US$0.73, in line with our US$0.73 estimate. TSO’s Mid-Continent system showed its strength again by contributing 47% of total refining segment operating income.
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