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UPDATE: RS Platou Markets Raises PT to $9 on Scorpio Tankers on Equity Raise, New Tanker Buys

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Markets Little Changed In Low Volume And Slow News Ahead Of Long Weekend
Scorpio Tankers Inc. Announces An Agreement To Purchase A Newbuilding MR Product Tanker For $37.1M And Deliveries Of Two MR Product Tankers

RS Platou Markets reiterated its Buy rating on Scorpio Tankers (NYSE: STNG) and increased its price target from $8 to $9.

RS Platou Markets commented, "Scorpio Tankers announced yesterday that they have placed an order for 6x MR tankers in Korea with 2014 delivery and secured options for another 8 tankers. The equity raise was accretive on NAV while the fleet expansion is accretive on mid-cycle earnings. Consequently we raise our target price to USD 9 per share and reiterate our view that STNG is a favourite pure product tanker play, with sound market recovery upside."

Scorpio Tankers closed at $6.60 on Tuesday.

Posted-In: RS Platou Markets ASAnalyst Color Price Target Intraday Update Analyst Ratings

 

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