BTIG analyst Gregory Lewis initiated Scorpio Tankers with a Buy rating and a price target of $3 as part of his broader research note on oil tankers. The analyst notes that after a "tough summer" that saw the company's stock price fall 30% because of "lousy charter rates and a stretched balance sheet", its prospects are looking up. Lewis points to a "thawing" in the medium range, or MR, tanker rates, which he expects to rise by up to 20% in 2019. The analyst is also positive on Scorpio Tankers' capacity as the "largest product tanker operator in the world with 109 owned ships", adding that in the near term, the company should focus on paying down its debt.