Pareto downgraded Cool Company to Hold from Buy with a price target of NOK 140, down from NOK 200. The analyst sees downside risk to estimates on falling demand for long-term time charters. While Cool’s Q3 results were in line overall, the company is heading into a period where earlier prospects of securing long-term charters for its open vessels are fading, the analyst tells investors in a research note. The firm cut 2024 and 2025 earnings estimates by 15%, saying current time charters aren’t enabling Cool to raise dividends going into 2024.
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