Oppenheimer Upgrades Tesoro Rating to Outperform (TSO)

Oppenheimer upgrades Tesoro TSO to an Outperform Rating today with a PT of $24. In the report, Oppenheimer states, "We are upgrading TSO shares to Outperform from Perform, as we believe their upside potential is much greater than the downside risk from weaker refining and marketing margins. Our price target is $24/share, almost 27% above yesterday's closing price. The key reason for our upgrade is the company's initiatives, under its new CEO, which are currently under way, to reduce costs, improve efficiency, and increase integration between its refining, marketing and logistics business segments, which we believe will drive its profitable growth and boost its stock valuation." Shares of TSO are currently trading at $18.97, up 1% from yesterday's close.