Dorian LPG upgraded to Buy from Hold at Pareto

Pareto upgraded Dorian LPG to Buy from Hold with a price target of $35, up from $27. The analyst expects calendar Q3 to mark another record for Dorian LPG, with earnings per share well above $2 at current rates. Now booking backlog into 2024, the firm expects the company’s fiscal 2024 to see $8 of earnings per shared, implying sub-4 price-to-earnings ratio, the analyst tells investors in a research note. With its deviating fiscal year and limited analyst coverage, Dorian estimates appear modest, and which drive “significant beats,” says Pareto.