Euronav NV price target lowered to $21 from $22 at Jefferies

Jefferies lowered the firm’s price target on Euronav NV (EURN) to $21 from $22 and keeps a Buy rating on the shares after the company announced the planned sale of 24 VLCCs to Frontline (FRO) and the buyout by CMB of the Fredriksen Group’s stake. CMB’s purchase of the Fredriksen stake triggers a mandatory share offer, which will be done at $18.43 per share, but CMB intends to keep both Euronav share listings and plans no squeeze-out of minority shareholders, the analyst noted. Shareholders “have the option to follow CMB or exit now at a fair price,” added the analyst, who sees “the future as intriguing” for Euronav, given that the company will be “armed with plenty of cash to prepare itself for the long-term.”