Frontline price target raised to $19 from $17 at Jefferies

Jefferies raised the firm’s price target on Frontline (FRO) to $19 from $17 and keeps a Hold rating on the shares, stating that the company’s planned VLCC acquisition from Euronav (EURN) has the potential to be “significantly accretive in a strong tanker market.” Frontline is set to boost its VLCC fleet from 22 ships to 46, but when that market’s strength returns is “a big question given the off-market OPEC+ volumes,” the analyst added.