Teekay Tankers (Buy, TP: USD2.00) - Rising rates lift estimates
We are 21% above Bloomberg consensus on EBITDA ahead of the Q3 results (due before US market open on 15 November), having updated for the latest rates. Crude tanker markets seem to be recovering fast from recent lows, due to scrapping and US exports surprising on the upside, which paves the way for a promising winter in our view. Following a change of analyst, we reiterate BUY and our USD2.00 target price.
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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