Tesoro Downgraded by Analyst
With no way of knowing the ultimate fallout from the explosion at its Anacortes, Wash., refinery which killed five people, Tesoro (NYSE:TSO) was downgraded by Caris & Co. analyst Ann Kohler, citing the uncertainty surrounding the company until the cause and financial consequences of the event are figured out.
Kohler lowered her rating of the stock of Tesoro from "2/above average" to "4/below average." She also dropped her target price from $15 to $12.50. The last trade as of this writing was for $13.61.
With Tesoro already being fined for 17 serious safety violations in November 2009, which they were originally fined $85,700 by Washington state regulators, this could really cost them if they are found to be at fault in the matter.
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