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.
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Tags: DNB Markets