Bruce Jefferson
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Bruce Jefferson in Commodities,

BofA Just Got Really Excited About Anything Oil Related

BoA Merrill Lynch’s Doug Leggate mentioned that the stocks of most US refiners are currently trading significantly below their mid-cycle valuations, while companies are likely heading into another strong US gasoline season.

Following the pullback over the past few months, valuation gaps offer near term opportunities, analyst Doug Leggate said. He further commented that it seemed appropriate to “adopt a more constructive outlook” now, with margins normalizing higher, although the 1Q16 reporting season is likely to be tough.

Leggate upgraded the rating for Marathon Petroleum Corp  from Neutral to Buy, with a price objective of $50. 

Leggate upgraded the rating for Tesoro Corporation from Neutral to Buy, with a price objective of $116. 

BofA Merrill Lynch upgraded the ratings for Valero Energy Corporation  and PBF Energy Inc  from Underperform to Neutral. The price objectives are at $78 and $34, respectively.