Market Overview

Bank of America Merrill Lynch Reiterates Neutral Rating, $51 PT on Tesoro Corporation

Share:
Related TSO
Earnings Scheduled For February 6, 2017
Benzinga's Top Upgrades, Downgrades For February 2, 2017
5 Undervalued Large-Cap Stocks For Value Investors - February 2017 (Seeking Alpha)

In a report published Wednesday, Bank of America Merrill Lynch reiterated its Neutral rating and $51.00 price target on Tesoro Corporation (NYSE: TSO).

BofA Merrill Lynch noted, “After an extended process to seek a buyer, Tesoro announced yesterday that it now plans to convert its 94kb/d Hawaii refinery to an import, storage and distribution terminal. The plant will cease refining operations in April, with TSO incurring a $1.00-1.10 per share non cash charge (~$140m ) in 4Q12 and with potential to realize $300mm - 350mm of cash due to lower working capital needs by year-end. The working capital release is slightly above initial expectations of $300mm while year-end timing is somewhat later. We had already modeled both the positive working capital benefits and did not include Hawaii in our 2013 estimates so our model is unchanged. From our discussions with management we do not expect TSO to drop the assets down to TLLP.”

Tesoro Corporation closed on Tuesday at $41.40.

Latest Ratings for TSO

DateFirmActionFromTo
Feb 2017JP MorganUpgradesNeutralOverweight
Dec 2016Wells FargoUpgradesMarket PerformOutperform
Oct 2016CitigroupMaintainsBuy

View More Analyst Ratings for TSO
View the Latest Analyst Ratings

Posted-In: Bank of America Merrill LynchAnalyst Color Reiteration Analyst Ratings

 

Related Articles (TSO)

View Comments and Join the Discussion!