UPDATE: Imperial Capital Raises PT on Tesoro on Analyst Meeting Highlights
In a report published Wednesday, Imperial Capital analyst Ann Kohler reiterated an Outperform rating on Tesoro Corporation (NYSE: TSO), and raised the price target from $57.00 to $63.00.
In the report, Imperial Capital noted, “We are raising our one-year price target from $57 and maintaining our Outperform rating on the shares of TSO, offering approximately 9% upside from the recent close. At its analyst meeting on 12/10/13, management outlined an agenda focused on the continued creation of shareholder value based on its strategic priorities set forth in 2010 following the appointment of Mr. Greg Geoff as TSO's president and chief executive officer. With the combination of the transformational events undertaken by TSO over the 2011-2013 time frame, including the Los Angeles acquisition (the purchase of BP's Southern California refining, marketing and logistics operations for $2.4bn on 6/1/13) and formation of Tesoro Logistics LP (TLLP, its logistics-focused master limited partnership), and improvements in its base business, management highlighted distinctive performance objectives designed to deliver incremental EBITDA of $590-710mn by 2015. In addition, management reiterated its commitment to continue to return cash to shareholders through a competitive regular dividend as well as share repurchases.”
Tesoro Corporation closed on Tuesday at $57.72.
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