Teekay Tankers (Buy, TP: USD16.00) - Room to manoeuvre
We still see clouds on the horizon, as the crude tanker space must go through some short-term pain to make long-term gains. However, we highlight Teekay Tankers’ prudent de-leveraging and strong liquidity position, leaving it with ample room to manoeuvre through the current adverse market conditions. We reiterate our BUY, but have lowered our target price to USD16 (17).
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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