UPDATE: Morgan Stanley Initiates Coverage on Euronav NV with Overweight Rating, $15.50 PT on Best-in-Class Crude Tanker Play

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

with an Overweight rating and $15.50 price target. In the report, Morgan Stanley noted, "Euronav is our top pick in the crude tanker segment and preferred way to play the growing crude supply and contango trade. Low oil prices and demand for floating storage promise a highly profitable rate environment for EURN, the largest publicly listed VLCC owner." Euronav NV closed on Friday at $11.70.