Market Overview

UPDATE: Morgan Stanley Initiates Coverage on GasLog on Strategic Review of Gas Shipping Market

Related GLOG
Earnings Scheduled For November 20, 2014
Morgan Stanley Sees Highly Attractive Entry Point For GasLog Ltd

In a report published Thursday, Morgan Stanley analyst Fotis Giannakoulis initiated coverage on GasLog (NYSE: GLOG) with an Overweight rating and $26.00 price target.

In the report, Morgan Stanley noted, “Initiating at OW as the stock trades at a discount to our $26 PT which is based on our $23/sh DCF valuation and a $3/sh for the benefit from the anticipated formation of a 4-vessel MLP. Having most of its fleet locked in solid long-term charters with strong counterparties and a reputation as a top quality operator, GLOG offers relatively low downside. Its ability to identify attractive acquisition opportunities, not only by ordering newbuilds, but also secondhand vessels, suggests stable growth potential. Our $30 bull case assumes that company take's advantage the lower cost of capital of the MLP and re-prices its remaining vessels with long-term charters at higher levels.”

GasLog closed on Wednesday at $21.57.

Latest Ratings for GLOG

DateFirmActionFromTo
Dec 2014ABN Amro BankInitiates Coverage onHold
Dec 2014Stifel NicolausUpgradesHoldBuy
Nov 2014CitigroupMaintainsBuy

View More Analyst Ratings for GLOG
View the Latest Analyst Ratings

Posted-In: Fotis Giannakoulis Morgan StanleyAnalyst Color Initiation Analyst Ratings

 

Related Articles (GLOG)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga Professional