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The Honolulu Advertiser
Posted on: Monday, January 4, 2010

Tesoro shares rise on Wall Street report

Advertiser Staff

Tesoro Corp.’s shares jumped 9.3 percent in trading yesterday after a Deutsche Bank AG report said identified the company as a potential takeover target and said it expected U.S. oil demand to rise, Bloomberg News reported.

Tesoro, which operates seven oil refineries including the biggest in Hawaiçi, rose $1.26 to $14.81 and was the second-biggest gainer in the S&P 500 Index behind Wynn Resorts Ltd. Bloomberg reported Tesoro was one of four niche refiners that Deutsche Bank upgraded to “buy” in a research note sent to clients.
Deutsche Bank AG set a price target of $18 a share for San Antonio-based Tesoro.