Analysts' Upgrades, Downgrades: Tesoro

Change in Ratings

Alpha Natural Resources(ANR Quote) upgraded at Morgan to overweight with a $100 price target. It is believed that ANR will realize 2009 coking coal prices at a higher value than what is being discounted in the shares.

American Water Works(AWK Quote) coverage initiated at Goldman with a neutral rating. See potential for turnaround based on increasing rate base and returns by upping infrastructure investment spending. Price target at $24.

Frontier Oil(FTO Quote) upgraded at Deutsche from hold to buy with a $35 price target. FTO has high flexibility in its choice of crude, particularly with the Canadian grades, leaving them well positioned within small-cap refining. In addition, FTO is attractive as a possible consolidation candidate.

Holly(HOC Quote) upgraded at Deutsche from sell to hold with a $45 price target. The previous sell rating was based upon the stock's relative valuation. However, due to a recalculation of the net asset value and the company's attractiveness as a consolidation candidate, the stock is now upgraded to hold.

Intrepid Potash(IPI Quote) coverage initiated at Goldman Sachs with a neutral rating based on modest upside potential. Note strong fundamentals driven by scarcity of potash, as well as company plans to increase production. Price target at $55.

Sovereign Bancorp(SOV Quote) upgraded at KBW from market perform to outperform with an $11 price target. SOV was upgraded following the recent $1.9 billion capital raise.

Tibco Software(TIBX Quote) upgraded at Goldman Sachs to neutral from sell based on improving business trends and buyout potential. Price target at $8.