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Fly News Breaks for March 24, 2017
TSO, WNR
Mar 24, 2017 | 07:39 EDT
As previously reported, Credit Suisse analyst Edward Westlake downgraded Western Refining (WNR) to Neutral from Outperform as acquisition nears. The analyst notes that the combination of Western Refining/Tesoro (TSO) creates synergistic overlap in the South West product markets and around St. Paul Park/Mandan plus opportunities to offer full service logistics to customers in the Permian and Bakken. The analyst lowered his price target on Western Refining's shares to $40 from $48 to reflect the acquisition offer exchange rate.
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