Frontline (Buy, TP: NOK310.00) - Tempered for now, but eager to go
Scepticism among investors and recent news of possible OPEC+ output delays and Middle East de-escalation seem to be at the heart of the reaction to Frontline’s Q3 report. However, we continue to see signs of a market at a tipping point, with potential triggers to reignite belief in the tanker story. At an historical discount to NAV, we believe too much negativity is priced in. We reiterate our BUY, but have cut our target price to NOK310 (340).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.