BofA analyst Ken Hoexter raised the firm’s price target on Scorpio Tankers to $63 from $53 and keeps a Neutral rating on the shares. The firm lowered its Q3 EPS forecast 16% as increased costs to weigh on near-term earnings. However, while product tanker rates were in-line with the firm’s target for Q3, they are ramping earlier than seasonally normal into Q4, which is “setting Scorpio Tankers up for a strong 4Q EPS and cash flow post,” the analyst tells investors in a preview note.
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