Stifel analyst Benjamin Nolan lowered the firm’s price target on Scorpio Tankers to $71 from $77 and keeps a Buy rating on the shares. This summer has seen muted shipping demand for “virtually all segments,” the analyst tells investors. Chinese demand has been lackluster, which has caused Dry Bulk shipping rates to fall to “bad” levels, Stifel says. Meanwhile, the tanker market is at solid levels and while container shipping has been challenges, it has not been as bad as expected, the firm adds. Stifel sees upside as/when seasonal conditions improve.
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