UPDATE: Citi Initiates Coverage on GasLog

According to a research report published this morning, Citi has initiated GasLog

with a Buy rating and $16 PT. In the report, Citi commented, "Within shipping we believe the LNG sub-sector has one of the most favorable supply/demand relationships, which is likely to provide support (or even further upward pressure) for charter rates. GasLog is a means to gain exposure to this sub-sector and the broader natural gas production/U.S. energy independence theme through a company with high quality LNG assets and a pipeline of new vessels with deliveries scheduled through 2015, which provides incremental revenue and cash flow growth and visibility." GasLog closed yesterday at $11.99.