Deutsche Bank analyst Amit Mehrotra believes last night's $250M follow-on equity offering will mark the bottom in shares of Scorpio Tankers (STNG). The analyst says the announcement is in-line with his expectations and will likely be a positive catalyst for the stock. The capital raise brings Scorpio's pro forma total cash balance to over $400M, effectively de-risking next year's cash calls, Mehrotra tells investors in a research note. As such, he believes the equity offering "will effectively mark the bottom" for Scorpio Tankers shares, with "good upside potential" over the next 12 months. Mehrotra finds Scorpio Bulkers (SALT) participation in the deal a bit surprising and feels it will not be welcomed by shareholders. The analyst keeps a Buy rating on Scorpio Tankers with a $4 price target.