Teekay Tankers (Buy, TP: USD20.00) - Less floating storage
We reiterate our BUY, but have cut our target price to USD20 (21) following a change of analyst. We have reduced our 2020e EBITDA by 1% on weak Q2 results, while we have lifted our 2021e EBITDA by 3%. Floating storage is now increasingly dominated by larger vessels – negative for Teekay Tankers – but its strong TC backlog and robust balance sheet should provide resilience if current market stress prevails.
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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