As previously reported, Evercore ISI analyst Jonathan Chappell upgraded Frontline (FRO) to Outperform from In Line with a $14 price target and upgraded Nordic American Tankers (NAT) to In Line from Underperform. The "eye-watering" spot rates that "turbo-charged" have already pulled back, but are settling above not only pre-spike levels and year-to-date averages, but also ahead of "many of the most bullish estimates on the Street," Chappell tells investors. Fundamental and IMO 2020 improvements are combining to reset the base case for oil tankers just as favorable seasonal factors set in, contends Chappell, who names Euronav NV (EURN), Scorpio Tankers (STNG) and Teekay Tankers (TNK) as his top tanker picks.