UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Tesoro Corporation as Balanced Portfolio Should Limit Downside

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In a report published Tuesday, Bank of America analyst Doug Leggate reiterated a Buy rating on

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Tesoro Corporation

(NYSE: TSO), and raised the price target from $65.00 to $75.00.In the report, Bank of America noted, “We continue to rate Tesoro amongst our preferred sector plays in the US refiners. Seasonally, 4Q earnings should mark the low point in the shares; however with material exposure to mid-continent crude dislocation, we believe TSO's portfolio mix looks increasingly more balanced limiting downside risk during seasonal lows on the US West Coast. As the second company with an upcoming analyst day (Dec 10th) we believe several factors can underpin the near term outlook for the shares.”Tesoro Corporation closed on Monday at $58.85.