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eFinanceMarkets

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eFinanceMarkets

Re: eFinanceMarkets post# 541

Monday, 06/05/2017 9:24:08 PM

Monday, June 05, 2017 9:24:08 PM

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Tesoro upped to Buy at Deutsche Bank, shares +2.3%

Tesoro (TSO +2.3%) climbs to three-month highs as Deutsche Bank upgrades shares to Buy from Hold with a $106 price target.

Despite the continued headwinds for the group, Deutsche Bank sees TSO as relatively well positioned, with one of the largest sum of the parts discounts of the peer group with potential 28% upside to SOTP vs. 13% for peers.

The firm also sees multiple catalysts that should provide an opportunity to narrow the discount, including the combination with Tesoro Logistics and Western Refining, IDR restructuring, a $2B buyback program and portfolio optimization, while minimal RINs exposure mitigates risk.
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