UPDATE: Bank of America Downgrades Tesoro Logistics to Neutral onValuation

Bank of America downgraded Tesoro Logistics TLLP from Buy to Neutral and raises the price objective from $50.00 to $55.00. Bank of America analyst Gabe Moreen wrote, "With a current yield of 3.1% (versus an average MLP sector yield of 6.0%) and Tuesday's relative performance due to the addition of TLLP to the Alerian MLP Index (AMZ), we now see TLLP as fairly valued. A partnership's addition to the index typically results in outperformance due to the need for index-linked products to purchase units. […] With a deserved premium valuation, we view units as fully reflecting TLLP's positive attributes." Tesoro Logistics closed at $54.69 on Tuesday.