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Tesoro (TSO +0.9%) is upgraded to Buy from Neutral with a target price raised to $33 from $30 by...

Tesoro (TSO +0.9%) is upgraded to Buy from Neutral with a target price raised to $33 from $30 by UBS, which says West Coast refining margins have recovered during Q2 on lower PADD-5 refinery utilization rates and tightening product inventories. Coupled with potential asset monetizations in H2 and 2013, the firm says TSO's FCF yield could improve to 26%.
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