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

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.

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