Scorpio Tankers price target raised to $70 from $60 at BTIG

BTIG analyst Gregory Lewis raised the firm’s price target on Scorpio Tankers to $70 from $60 and keeps a Buy rating on the shares. The analyst states that his investor meetings with the company management were constructive with product tanker utilization over 90% and a limited order book, which points to a multi-year rate upcycle. Lewis adds that the increasing customer demand for longer-term contracts at 10%-20% higher pricing in the last few months should provide opportunities to de-risk future cash flows for Scorpio Tankers.