Teekay Tankers (Buy, TP: USD17.00) - In a good place
We see Teekay Tankers as being in a good place, with ample liquidity reserves to handle a temporarily challenging market. A balancing act between continued deleveraging and cash preservation seems likely, as we deem interest costs above 6% excessive, but believe that some expensive SLB debt could be pre-paid over the course of 2021. We reiterate our BUY and have lifted our target price to USD17 (16) on stronger cash generation 1-year forward.
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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