In a report published Monday, Jefferies reiterated its Hold rating on Frontline Ltd. FRO, but slightly lowered its price target from $3.00 to $2.50.
Jefferies noted, “This morning, Frontline reported a 4Q12 EPS loss of $0.17, excluding one-time items and FX, which was better than Street consensus of an EPS loss of $0.38 and our estimate of an EPS loss of $0.57 primarily due to better than expected spot charter rates earned during the quarter.”
Frontline Ltd. closed on Friday at $2.90.
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