Fly News Breaks for October 17, 2019
Oct 17, 2019 | 04:59 EDT
Stifel analyst Benjamin Nolan downgraded Ardmore Shipping to Hold from Buy with a price target of $9.50, up from $9. With the shares now trading at a 9% premium to net asset value, upside potential from IMO 2020 is largely being accounted for by the market, Nolan tells investors in a research note. The analyst does, however, expect IMO 2020 to drive increased demand for refined product tankers and consequently better charter rates and earnings for Ardmore.
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