NEW YORK (TheStreet) -- Shares of Tesoro (TSO) were falling by 0.8% to $98.22 in early afternoon trading on Thursday.

On Wednesday, analyst firm Credit Suisse raised its price target for Tesoro to $130 from $125, maintaining its "outperform" rating on the oil refinery company.

Credit Suisse analysts' price target and rating are "based on a DCF analysis of the different sub segments as well as a sum of the parts analysis. We base our valuation and relative ratings for refiners primarily on EV/EBITDA (enterprise value/earnings before interest, taxes, depreciation and amortization) multiples," the firm said in a note.

The analyst firm believes Tesoro is "very levered to West Coast refining margins and other niche areas which are more difficult to track."

Bryan Ashenberg and Bob Lang have identified Tesoro as the Chart of the Day. Here is what Ashenberg and Lang had to say about the stock's chart:

Oil has been a dreadful place to add names, a literal burial ground of capital. Most names are in a vicious bear market, falling 20% or more. But as we look around the landscape, the refiners are a group that has some leverage even with lower crude prices.

Tesoro is such a name, surprisingly within 10% of all-time highs. The move on Wednesday was very impressive with big volume and price action. The Relative Strength Index shows good strength vs. the market, and a new Moving Average Convergence Divergence buy signal has been confirmed. Resistance is at the gap ahead but new highs could be seen above $105.

- Bryan Ashenberg and Bob Lang, "Chart of the Day: TSO," originally published 9/24/15 on

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