BofA analyst Ken Hoexter raised the firm’s price target on Scorpio Tankers to $72 from $70 and keeps a Neutral rating on the shares. The firm increased its 2024 EBITDA estimate 4% on increased fleet charter rates as Red Sea disruptions are lifting product tanker charter rates higher as ton-mile demand continues to scale. However, the firm notes it lowered its 2023 EPS estimate 2%, to $10.50 from $10.70, as Q4 buybacks were below target.
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Read More on STNG:
- Scorpio Tankers price target raised to $70 from $68 at BofA
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- 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
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