Eneti price target raised to $18 from $15 at BTIG

BTIG analyst Gregory Lewis raised the firm’s price target on Eneti to $18 from $15 and keeps a Buy rating on the shares. Wind turbine installation vessel rates are moving higher and the offshore outlook continues to improve, Lewis tells investors in a research note. The analyst notes that the global onshore installations finished the year at about 88GW, which was up 5% y/y and suggests that 2021 will be the near-term bottom in global installations. Lewis also estimates that installations will rise by about 3%-4% in both 2023 and 2024, largely on the back of China.