GasLog (Buy, TP: USD23.20) - Upgraded to BUY
The stock is down 16% since the Q3 results, leaving 23% potential upside to our target price. In our view market headwinds are likely caused by energy fundamentals and declining arbitrage. However, the supply/demand balance remains tight, with headline rates quoted at USD182.5k/day. The stock is now trading at 1.13x our NAV; hence while we maintain our USD23.2 target price, we have upgraded the stock to BUY (HOLD).
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.
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