| 2019-01-22 07:46:21|
TOO, TK 07:46 01/22 01/22/19
Teekay Offshore Partners downgraded to Underweight at Morgan Stanley
As previously reported, Morgan Stanley analyst Fotis Giannakoulis downgraded Teekay Offshore Partners (TOO) to Underweight from Equal Weight, citing his lower oil price forecast and its impact on the Floating Production Storage and Offloading business. He sees lower oil prices putting pressure on its oil linked FPSO contracts and making redeployment of its assets more difficult, Giannakoulis tells investors. He cut his price target on Teekay Offshore Partners shares to $1 from $2.75 and also lowered his price target on Teekay Corporation (TK) to $3 from $6.50.