Deutsche Bank raised the firm’s price target on Scorpio Tankers to $74 from $70 and keeps a Buy rating on the shares. Average spot rates for both the crude tanker and refined product tanker segments averaged higher sequentially for the quarter, the analyst tells investors in a research note. The firm says market conditions in the product tanker segment remain healthy, with supportive supply and demand fundamentals going into 2024. It cites recent tanker asset price appreciation and strength in the time charter markets for the target increase.
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