UPDATE: Morgan Stanley Initiates Coverage on GasLog Ltd. with Overweight Rating, $26 PT on Strategic Review of Gas Shipping Market

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In a report published Thursday, Morgan Stanley analyst Fotis Giannakoulis initiated coverage on

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GasLog Ltd.

(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 Ltd. closed on Wednesday at $21.57.