NEW YORK (TheStreet) -- Shares of Tesoro Corp. (TSO) are down 3.12% to $74.53 today as oil dropped to a five-year low after OPEC said it expects demand for its crude next year to be the lowest since 2003, although analysts reiterated positive ratings following guidance at the company's Investor Day yesterday.
Barclays analysts said San Antonio, TX-based petroleum refiner Tesoro is "on track to exceed original 2014 improvement targets," reiterating their "overweight" rating and raising their price target to $114 from $104.
"Management now expects to recognize $505 to $565 million in incremental EBITDA relative to 2013, compared to previous guidance of $370 to $430 million. In addition, TSO guided 2015 y/y incremental improvement to $550 to $670 million ... including expected y/y Tesoro Logistics (TLLP) growth of $325 to $375 million," Barclays analysts added.
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Bank of America analyst Doug Leggate also reiterated a "buy" rating today on Tesoro and raised the price target to $88 from $70, saying that "Tesoro's analyst review combined for the first time the strategy update from TLLP, underlining the extent to which Tesoro's outlook and investment case is increasingly linked to the outlook its midstream expansion."
Similarly, Credit Suisse analyst Edward Westlake reiterated an "outperform" rating on the stock and raised the price target to $100 from $86, saying that "self-help" is driving upside.