UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Tesoro Corporation Following Analyst Meeting

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In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on
Tesoro CorporationTSO
, and raised the price target from $55.00 to $62.00. In the report, Deutsche Bank noted, “Great management in a tough market. Time and again we have highlighted the quality of TSO management, and today's analyst meeting once again underlined, that since the hiring of Greg Goff in 2010, this team has delivered beyond promises on clear, consistent strategy & targets. Our next line is invariably about California being a bad market that no management can overcome. The concern for TSO is that their market-leading moves to get discounted inland crudes into the West Coast will ultimately benefit all the refiners there, particularly by pressuring ANS. The real hope, of less West Coast capacity, seems unlikely, so the story will continue to be a great management team fighting a really tough market. HOLD.” Tesoro Corporation closed on Tuesday at $57.72.
Posted In: Analyst ColorPrice TargetAnalyst RatingsDeutsche BankGreg Poole
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