Credit Suisse Comments on Tesoro Corp.'s EBITDA

Credit Suisse released its Global Oil Daily Report today which comments on Tesoro's TSOEBITDA. In a note to clients, Credit Suisse writes, "We outline 5 routes to higher EBITDA - selfhelp, retail growth, logistics, crude optimization, and the return of Anacortes. The best performing refiners in 2010 have been those which have restructured to drive down debt. Tesoro does have assets (retail, logistics) that could be monetized to reduce debt quickly. However, we expect a more organic message of steady EBITDA growth to pay down debt over time. TSO shares have come a long way towards our $18.5/sh price target – however there is more valuation upside, particularly if TSO give confidence in further EBITDA upside." TSO closed Friday at $17.42.