Oppenheimer Reiterates Outperform On Tesoro Logistics, Sees 24% Upside

Oppenheimer analyst Bernard Colson reiterated an Outperform rating on Tesoro Logistics LP (NYSE:TLLP) with a price target of $70.00, which represents a potential upside of 24% from where the stock is currently trading.

Colson noted, “TLLP reported in-line adjusted EBITDA of $80M and continues to grow organically, with 25% QoQ pipeline throughput growth driven by organic projects on High Plains. The recently announced QEP acquisition is expected to drive additional growth in 2015. TLLP financed the deal with a large chunk of equity, bringing the balance sheet back in line with where we think it should be longer term. We continue to recommend TLLP and reiterate attractive upside to our price target. We are updating estimates following 3Q results.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Bernard Colson has a total average return of 13.6% and a 57.7% success rate. Colson has a 8.5% average return when recommending TLLP, and is ranked #615 out of 3355 analysts.

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