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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 (181193)	11/8/2013 9:41:00 AM
From: Dennis Roth	2 Recommendations Recommended By DELT1970 LoneClone Read Replies (1) \| Respond to of 206326

US Independent Refiners Some Refining Debates, Time to Revisit TSO; UPGRADING CLMT to NEUTRAL (from Underperform); Revising Ests & Raising TSO's TP to $62 (from $60) E. Westlake 08 November 2013 doc.research-and-analytics.csfb.com Given the collapse in Brent-LLS, we're formally reflecting the $5/bbl LLS-Brent scenario which we laid out two weeks ago in our EBITDA and EPS. Surprisingly we don't find upside to consensus EPS in this scenario. We've also marked to market for wide inland crude diffs in 4Q We find TSO most interesting here, followed by WNR and DK. We are raising our rating on CLMT from Underperform to Neutral given the themes which drove expected underperformance have now become more visible.