UPDATE: Bank of America Upgrades Teekay Tankers; Raises PT

According to a research report published earlier today, Bank of America has upgraded Teekay Tankers TNK from Underperform to Neutral, and has increased PO from $4 to $5.75. In the report, Bank of America commented, "These moves highlight TNK's strengthened outlook as a result of its 13 fleet acquisition from parent TK (lifting its fleet to 31 vessels). Our revised price objective is based on a 9% target yield on our revised $0.52 annual 2012 dividend target (from $0.38), using conservative market assumptions. Our PO represents 6% appreciation potential, in addition to our 9% yield target, to provide low double-digit return potential, thus our Neutral." Teekay Tankers closed yesterday at $5.43.