UPDATE: Bank of America Reiterates Underperform, Ups PO to $34 on Tesoro

Bank of America maintains its Underperform rating on Tesoro Corp.

and raises its price objective to $34 from $31 DFC valuation update. Bank of America says, “Reliability is up and related, higher utilization has pushed costs down. From here the message changes slightly with the emphasis back on capital projects; but cumulative EBITDA improvements targeted at ~$160m annually puts TSO middle of the pack versus peers with just a 11% uplift in mid cycle EBITDA while with potential upside of ~37% to our revised Price Objective, this still stands at the low end of the peer group.” TSO closed at $24.83 per share on Monday.