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UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Raises PT on Teekay Corporation

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Morgan Stanley Raises Teekay's Price Target To $8, Says 'Gaining Time Until Market Recovers'
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In a report published Monday, Morgan Stanley reiterated its Equal-Weight rating on Teekay Corporation (NYSE: TK), and raised its price target from $33.00 to $35.00.

Morgan Stanley noted, “TK reported $(0.25) operating loss vs consensus of $(0.44) and our $(0.46). Revenue came in 2% above our forecast and together lower expenses lead to a 10% higher EBITDA of $180m vs our $171m estimate. TOO was responsible for 2/3 of this difference with the offshore subsidiary outperforming both on revenue and expenses. Once again, tankers were a drag as the combined EBITDA of the tanker fleet of the parent and TNK was only marginally positive.”

Teekay Corporation closed on Friday at $31.02.

Latest Ratings for TK

DateFirmActionFromTo
May 2016Morgan StanleyMaintainsEqual-weight
Feb 2016Deutsche BankMaintainsHold
Jan 2016JefferiesMaintainsHold

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Posted-In: Morgan StanleyAnalyst Color Price Target Analyst Ratings

 

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