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Fly News Breaks for May 24, 2017
STNG
May 24, 2017 | 08:07 EDT
Credit Suisse analyst Gregory Lewis said Scorpio Tankers is well positioned for a potential up-cycle after its "transformational" agreement to merge with Navig8 Product Tankers. The acquisition boosts Scorpio's exposure to the LR2/LR1 market, on which he is bullish given expectations for increasing long-haul product volumes, Lewis tells investors. He keeps an Outperform rating and $7 price target on Scorpio Tankers shares, which are down about 6% to $3.96 in pre-market trading.
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