UPDATE: JP Morgan Raises GasLog to $18.50 on GasLog on Options Execution
JP Morgan maintained GasLog (NYSE: GLOG) with an Overweight rating and raised the price target from $16.50 to $18.50.
JP Morgan commented, "The successful execution of newbuild options and related, long-term fixtures marks an important milestone - firming confidence in GLOG's ability to expand and develop scale on the back of relationships with blue chip counterparties. Four additional newbuild options are also secured while an existing charter agreement was renegotiated in order to improve exposure to future market upside potential. We lift our DCF December 2013 PT by 12% and reiterate our Overweight recommendation."
GasLog closed at $12.52 on Friday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.