Fly News Breaks for November 5, 2019
INSW, NAT, EURN, FRO
Nov 5, 2019 | 07:29 EDT
BTIG analyst Gregory Lewis raised his price targets on Frontline (FRO) to $18 from $12, Euronav (EURN) to $18 from $12, Nordic American Tankers (NAT) to $8 from $4, and International Seaways (INSW) to $40 from $30 while also affirming their Buy rating. The analyst cites stabilizing VLCC freight rates in the $65K-$75K/day range, noting that the last time rates were this high was in 2015, along with the expected slowing of fleet growth to 2%-3% that should allow these companies to "generate significant free cash flow".
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