UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Raises PT on Navigator Holdings Ltd. on New Seaways for Gas Carriers

In a report published Monday, Morgan Stanley analyst Fotis Giannakoulis reiterated an Equal-Weight rating on

, and raised the price target from $23.50 to $24.50. In the report, Morgan Stanley noted, “Dominant position in the premium semi-ref gas carrier market with ~30% market share. Gas carriers are set to benefit from US shale gas boom, which should produce price arbitrage opportunities for long distance exports, driving ton-mile demand. Ability to take advantage the growth of US ethane exports. Near-term barriers for new entrants, as yard capacity to build vessels is limited, while demand for vessels is set to grow. Experienced management team with strong competence in the gas market, as well as the capital markets.” Navigator Holdings Ltd. closed on Friday at $26.60.