Scorpio Tankers (Buy, TP: USD21.00) - Potent exposure ahead of upswing
Scorpio Tankers offers leveraged exposure to a volatile business experiencing headwinds, while performing a balancing act on liquidity. Although we believe liquidity is sufficient, we see possibilities should more be needed. Hence, as leverage becomes attractive ahead of an upswing, we have upgraded to BUY (HOLD), but lowered our target price to USD21 (25).
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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