Wunderlich Securities Reiterates Buy, $33 Target on Tesoro Logistics

Wunderlich Securities maintains its Buy rating and $33 target price on Tesoro Logistics

as the company reports its 4Q11 results. Wunderlich Securities notes, "Tesoro Logistics LP (

) reported 4Q11 EBITDA of $14.1 million, which was below our estimate of $14.5 million and distributable cash flow of $12.6 million, which was in line with our estimate. We believe Tesoro will be able to grow its operations through dropdown acquisitions and potentially benefit from Tesoro Corporation's (TSO-NR) desire to expand its logistics asset base. We believe Tesoro's distribution growth should be solid over the next several years, including estimated 2013 growth at 16.2%." TLLP closed at $33.38 a share on Tuesday.