UPDATE: Morgan Stanley Initiates Coverage On Nordic American Offshore As Exciting New Industry Player

In a report published Monday, Morgan Stanley analyst Ole Slorer initiated coverage on

with an Overweight rating and $22.00 price target. In the report, Morgan Stanley noted, “NAO owns a fast-growing fleet of high-spec North Sea-capable platform supply vessels (PSVs). With its conservative balance sheet philosophy, focus on dividend growth, and shareholder friendly Chairman, we view NAO as an exciting new player in the otherwise conservative supply boat industry.” Nordic American Offshore Ltd. closed on Thursday at $18.80.