UPDATE: Wunderlich Securities Downgrades Tesoro Logistics Following Share Appreciation

Wunderlich Securities downgraded Tesoro Logistics

from Buy to Hold and maintained a $50.00 price target. Wunderlich Securities analyst John R. Cusick commented, "We initiated coverage of Tesoro on October 13, 2011, when the units' price was $23.27. Seventeen months later, the units have had an incredible run and we believe it is time to hit the pause button. We continue to like the total return story and believe Tesoro will be among the leaders in distribution growth over the next several years, including estimated 2013 distribution growth at 20% and 2014 growth of 13%. The partnership should complete several dropdowns over the next twelve months, which could lead to an equity issuance." Tesoro Logistics closed at $53.33 on Tuesday.