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Gold/Mining/Energy : Big Dog's Boom Boom Room

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LoneClone

To: Dennis Roth who wrote (180814)	10/8/2013 9:50:23 AM
From: Dennis Roth	1 Recommendation of 206325

Tesoro Corporation (TSO) Going Back to Cali; Upgrade to Buy; Target to $55 2 October 2013 ¦ 14 pages ir.citi.com Recommendation — We are upgrading TSO to Buy from Neutral. We are adjusting our target price to $55 per share (see link to note in 3d bullet below). A sustained economic recovery in California is our primary rationale for the upgrade which would validate TSO’s decision to buy the Carson City refinery and double its refining capacity in the state. We also believe a sustained Bakken crude oil price differential and an improving free cash flow story leave us with plenty of ammunition to recommend the stock at current levels.

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