The Fly

Frontline price target raised to $17 from $16 at Jefferies

Jefferies analyst Omar Nokta raised the firm’s price target on Frontline to $17 from $16 and keeps a Buy rating on the shares. He is raising his estimates and price targets across his tanker coverage, citing the view that the sector’s earnings power has "strengthened materially" as charterers prepare for an EU ban on Russian crude oil imports. All tanker segments – including VLCCs, mid-size crude and the product classes – are "positioned for outsized earnings," Nokta contends.

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