UPDATE: DNB Markets Reiterates Buy Rating, Raises PT on Scorpio Tankers
In a report published Wednesday, DNB Markets reiterated its Buy rating on Scorpio Tankers (NYSE: STNG), and slightly raised its price target from $7.30 to $7.50.
DNB Markets noted, “Scorpio Tankers is, in our view, the only way to get exposure to a pure-play recovery in product tankers backed by a solid balance sheet, c70% of the fleet with modern design, and c70% of the owned fleet in the MR segment where asset values have risen 9% in two weeks.”
Scorpio Tankers closed on Tuesday at $6.60.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.