Ardmore Shipping price target raised to $22 from $21 at Stifel

Stifel analyst Benjamin Nolan raised the firm’s price target on Ardmore Shipping to $22 from $21 and keeps a Buy rating on the shares. Shipping companies, particularly tankers and to a lesser extent bulkers, continue to be benefiting from “a lollapalooza of events” that have all pushed day rates up and cash flows higher, the analyst tells investors in a Q1 shipping preview note. The firm continues to like both tanker and dry bulk equities, though at this point it believes much of the upside, but not all, has been priced into equities, the analyst added.