UPDATE: Credit Suisse Upgrades Tesoro to Outperform on West Coast Crude Advantage

Credit Suisse raised its rating on Tesoro

from Neutral to Outperform and increased its price target from $53 to $60. Credit Suisse commented, "TSO shares are on the lowest EV/EBITDA of the group and based on higher EBITDA have above average upside to fair value. It could be a few weeks early to bang the table again on TSO - but West Coast cracks typically start rallying in late Jan/early Feb and the FTC decision should take place before mid-year." Tesoro closed at $39.99 on Wednesday.