UPDATE: Pareto Securities Downgrades Golar LNG to Hold on Limited Upside, Day-Rate Outlook

Pareto Securities downgraded Golar LNG

from Buy to Hold and lowered the price target from $54.00 to $36.00. Pareto Securities noted, "Golar LNG has around USD 2.5bn in remaining capex on their unparalleled newbuilding program. Without a single contract on their ten LNG carriers yet, in a market that is already somewhat oversupplied, we believe that the near-term upside from the current shareprice level is limited. Though the company has plenty of fundingoptions, we do believe that dayrates on the newbuilds could surprise consensus on the downside. Trading above our DCF-NAV, we downgrade to HOLD, TP USD 36 (54), equal to 1.1x NAV." Golar LNG closed at $36.75 on Wednesday.