As previously reported, Wells Fargo analyst Michael Webber downgraded Frontline to Market Perform from Outperform and lowered his price target on the shares to $5.50 from $7. The analyst notes that tanker stocks have traded off with rest of the energy space, putting the group in an interesting position - cheaper P/NAV multiples, a softer 2019 outlook, but still "enough long-term juice" to warrant a gradual move back to mid-cycle values. While he is moving most of his Outperform-rated tanker names back to Market Perform, he anticipates a quicker turn in dynamics this cycle relative to past.