UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Tesoro Logistics

In a report published Wednesday, Citigroup reiterated its Buy rating on Tesoro Logistics LP

, and raised its price target from $43.00 to $48.00. Citigroup noted, “We reiterate our Buy rating and are increasing our TP to $48.00 for TLLP, based on a target yield of 4.5% (5.0% previously) and projected distribution growth of 31.7% over the next 12 months. Our outlook is supported by the partnership's high investment opportunities, exposure to growing crude production out of the Bakken Shale, stable cash flows that are supported by minimum volume commitments, low leverage, and access to a growing portfolio of midstream asset drop-downs from its general partner, Tesoro Corp.” Tesoro Logistics LP closed on Tuesday at $41.56.