Scorpio Tankers (Buy, TP: USD3.70) - Upgraded to BUY
We have upgraded Scorpio Tankers to BUY (HOLD) and raised our target price to USD3.7 (2.4), as today’s announcement of USD334m of additional liquidity has eased concerns considerably and should help to close to gap to NAV. This was an impressive and surprising move that confirms Scorpio Tankers’ ability to tap various sources of liquidity. Liquidity concerns were the main reason for our muted recommendation on Scorpio Tankers when we upgraded the tanker sector, for the first time in two years, on 6 March 2018.
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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