UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Frontline Ltd. on 1Q13 Earnings Preview

In a report published Tuesday, Jefferies analyst Douglas J. Mavrinac reiterated a Hold rating on Frontline Ltd. FRO, but slightly lowered the price target from $2.50 to $2.00. In the report, Mavrinac noted, “Although we have been bearish on the outlook for the crude oil tanker market, crude oil tanker charter rates during 1Q13 were even weaker than expected resulting in reduced 1Q13 charter rate and EPS estimates. While we continue to expect crude oil tanker market conditions to remain weak through 2013 and 2014, we also expect the refined products tanker market to continue to strengthen through 2013 and 2014.” Frontline Ltd. closed on Monday at $1.93.