UPDATE: Goldman Sachs Initiates Coverage on GasLog

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According to a research report published this morning, Goldman Sachs has initiated GasLog (NYSE: GLOG) with a Buy rating and $15.10 PT.In the report, Goldman Sachs said, "We see three reasons to buy the shares: 1) the stock is trading on 8.8x 2015E EV/EBITDA/6.8% dividend yield (when all its ships get delivered) which we view as attractive compared to where new build LNG asset values trade on long-term earnings upon delivery; 2) the company is a significant player in a growing market (c.7% CAGR), currently benefitting from a favorable supply/demand balance which should keep freight rates high in 2012-14; and 3) it has a solid balance sheet with a fully-funded order book at attractive terms."GasLog is currently trading at $11.85.

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