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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (180814)	10/8/2013 9:50:23 AM
From: Dennis Roth	1 Recommendation Recommended By LoneClone Respond to 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.

To: Dennis Roth who wrote (180814)	10/9/2013 6:17:01 AM
From: Dennis Roth	1 Recommendation Recommended By LoneClone Read Replies (1) \| Respond to of 206325

US Independent Refiners More Cuts than A Hollywood Movie: 2014 Still At Risk of Editing 09 October 2013, 19 pages Report-16 (964.66KB) Bottom Line: Refiner 3Q EPS have had more cuts than a Hollywood movie. A surge in crude prices, oversupply of US gasoline, narrowing domestic crude discounts, weak margins on secondary products (e.g. asphalt), backwardated market structure, and falling Mid-Con capture rates have been the culprits we’ve been pointing to for some time (we may have forgotten some). Of these, the two we are most concerned with for 2014 are Mid-Con capture rates and gasoline oversupply in the US.