BofA lowered the firm’s price target on Scorpio Tankers to $58 from $63 and keeps a Neutral rating on the shares. While the firm is positive on the company’s strong cash generation, it views the demand outlook as increasingly pressured. The firm is also somewhat cautious as the product tanker orderbook increased to 12% of the active fleet.
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Read More on STNG:
- Scorpio Tankers Inc. Announces Updates on Fourth Quarter 2023 Daily TCE Revenues and Debt and Lease Activity
- Scorpio Tankers price target raised to $70 from $62 at Deutsche Bank
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- Scorpio Tankers board replenishes $250M securities repurchase program
- Scorpio Tankers reports Q3 adjusted EPS $1.91, consensus $1.52
