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

Loading...
Loading...
In a report published Thursday, Morgan Stanley analyst Fotis Giannakoulis initiated coverage on
GasLog Ltd.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.
Posted In: Analyst ColorInitiationAnalyst RatingsFotis GiannakoulisMorgan Stanley
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...