Frontline upgraded to Buy from Hold at Jefferies

Jefferies upgraded Frontline to Buy from Hold with a price target of $30, up from $22. Tankers are entering year three of strong earnings and the oil market balance is shifting further in their favor, the analyst tells investors in a research note. The firm sees “continued compelling value” in owning tanker stocks, saying they trade at just 0.8-times net asset value and at a sizable 22.5% free cash flow yield.