Frontline downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Amit Mehrotra downgraded Frontline to Hold from Buy with an unchanged price target of $17. The analyst views the shares as fairly valued at current levels. The firm assumes Frontline hares will trade at a slight premium to net asset value based on historical precedent and due to its “generous” dividend payout policy of returning 80% of adjusted income as a quarterly dividend. It cites valuation for the downgrade following the Q2 report.