Credit Suisse Upgrades Tesoro to Outperform (TSO)

Credit Suisse is out with its report today on Tesoro TSO, upgrading TSO from Neutral to Outperform. In a note to clients, Credit Suisse writes, "Holding TSO shares is a play on rising EBITDA from self-help and the economy, with some EBITDA multiple expansion potential also. We raise our rating on TSO from Neutral to Outperform. We are revising our 2010/2011 EPS estimates to ($0.29)/ $1.69 from ($0.24)/ $1.57 respectively.Our 2011 EPS rises by c8% while our longer-term earnings are largely unchanged. Our EBITDA in 2011 rises by 5% while longer-term estimates rise by 2%." Credit Suisse has a $30 PT on TSO. Shares of TSO are trading pre-market at $20.50, up 1.84% from Thursday's close.