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UPDATE: Bank of America Upgrades Tesoro Petroleum Corporation to Buy on Bakken Benefits

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Bank of America upgraded Tesoro Petroleum Corporation (NYSE: TSO) from Neutral to Buy and raised the price target from $51.00 to $66.00.

Bank of America commented, "[W]atching the sequence of events that has evolved over the past few months we believe the strong run that TSO has enjoyed is set to continue: we are adding Tesoro to the Buy list of companies we argue are primary beneficiaries of the next stage of the crude price rebalancing that we expect in the lower 48 – namely the dislocation between LLS and Brent on the US Gulf Coast and now with physical cargoes moving East, the shift in regional Bakken to ‘Brent minus'."

Tesoro Petroleum Corporation closed at $53.77 on Friday.

Latest Ratings for TSO

DateFirmActionFromTo
Aug 2015JP MorganMaintainsNeutral
Jul 2015MacquarieInitiates Coverage onOutperform
Jul 2015CitigroupMaintainsNeutral

View More Analyst Ratings for TSO
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Upgrades Analyst Ratings

 

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