UPDATE: DNB Markets Initiates Coverage on GasLog

According to a research report published this morning, DNB Markets has initiated GasLog GLOG with a Hold rating and $12.90 PT. DNB Markets commented in the report, "We see limited potential upside in terms of the existing fleet given the high coverage and long-term contracts. Also, we believe the likelihood of the chartering companies exercising their contract extension options limits the upside potential in the stock. Furthermore, lower IPO proceeds mean it can either pay dividends for four quarters or declare an option; in our view, further growth will have to be backed by more equity." GasLog closed yesterday at $11.99.