TSO - Tesoro Petroleum cut by Bear Stearns, Deutsche Bank
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Last Update: 5:23 AM ET Mar 26, 2007
LONDON (MarketWatch) -- Oil refiner Tesoro Petroleum (TSO : Tesoro Petroleum Corporation
TSO100.84, +0.74, +0.7%) was downgraded both by Bear Stearns and Deutsche Bank. Bear Stearns cut Tesoro to peer perform from outperform, saying there's limited upside after piercing through its $100 price target. Deutsche cut Tesoro to sell from hold, saying the stock's tremendous run puts it at a significant premium to net asset value. Sunoco (SUN : sunoco inc com SUN71.16, +0.85, +1.2%) also was downgraded by Deutsche, to hold from buy, saying East Coast margins have begun to roll over and its trading call supports a move to more defensive names.
