Teekay Tankers (Buy, TP: USD18.00) - Minor changes ahead of Q3
Ahead of the Q3 results, we have made only minor changes to our estimates. We have factored in our new rate forecasts for 2020, hitting our 2020e EBITDA (down 8%). We reiterate our BUY, but have lowered our target price to USD18 (20) based on 0.65x our one-year forward NAV of USD28/share, equalling the historical discount to NAV.
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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