BofA raised the firm’s price target on Scorpio Tankers to $70 from $68 and keeps a Neutral rating on the shares. While positive on Scorpio’s rising cash generation potential and believes fluidity challenges in the already tight product tanker market could lead to more upside it is cautious on the rising product tanker orderbook ratio of 12%, which it notes is nearly double from 2022’s 6% trough.
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Read More on STNG:
- Scorpio Tankers Inc. Announces an Agreement to Sell an MR Product Tanker and the Exercise of Purchase Options on Five Ships
- Scorpio Tankers to sell an MR Tanker and excercise purchase options on 5 tankers
- Scorpio Tankers price target raised to $74 from $70 at Deutsche Bank
- Scorpio Tankers call volume above normal and directionally bullish
- Largest borrow rate increases among liquid names
