Stifel analyst Benjamin Nolan upgraded Ardmore Shipping to Buy from Hold with an unchanged price target of $9.50. Since the analyst's downgrade to Hold in October, the shares have traded down 26%. This creates a "valuation gap" where the shares are currently trading at 76% of net asset value, Nolan tells investors in a research note. Further, in Q4 and Q1, Ardmore should earn 41c per share in earnings, which even without asset value increases, should push its asset value to $9.50 by the end of Q1, adds the analyst. As such, he believes the selling in the shares is overdone.