UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Raises PT on Teekay Corporation
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
|Aug 2015||Credit Suisse||Maintains||Outperform|
|May 2015||JP Morgan||Initiates Coverage on||Overweight|
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