Market Overview

Bank of America Merrill Lynch Reiterates Neutral Rating, $51 PT on Tesoro Corporation

Related TSO
16 Stocks 2 Experts Are Watching This Week
Deutsche Bank Cuts Targets 7% On Raft Of Oil Stocks
Oil Refiners Tumble, Producers Rally on Export Ruling (Fox Business)

In a report published Wednesday, Bank of America Merrill Lynch reiterated its Neutral rating and $51.00 price target on Tesoro Corporation (NYSE: TSO).

BofA Merrill Lynch noted, “After an extended process to seek a buyer, Tesoro announced yesterday that it now plans to convert its 94kb/d Hawaii refinery to an import, storage and distribution terminal. The plant will cease refining operations in April, with TSO incurring a $1.00-1.10 per share non cash charge (~$140m ) in 4Q12 and with potential to realize $300mm - 350mm of cash due to lower working capital needs by year-end. The working capital release is slightly above initial expectations of $300mm while year-end timing is somewhat later. We had already modeled both the positive working capital benefits and did not include Hawaii in our 2013 estimates so our model is unchanged. From our discussions with management we do not expect TSO to drop the assets down to TLLP.”

Tesoro Corporation closed on Tuesday at $41.40.

Latest Ratings for TSO

DateFirmActionFromTo
Dec 2014Credit SuisseMaintainsOutperform
Nov 2014Deutsche BankMaintainsBuy
Nov 2014Goldman SachsInitiates Coverage onBuy

View More Analyst Ratings for TSO
View the Latest Analyst Ratings

Posted-In: Bank of America Merrill LynchAnalyst Color Reiteration Analyst Ratings

 

Related Articles (TSO)

Around the Web, We're Loving...

Get Benzinga's Newsletters