Teekay Tankers price target lowered to $65 from $72 at BofA

BofA lowered the firm’s price target on Teekay Tankers to $65 from $72 and keeps a Buy rating on the shares after the company posted adjusted EPS below the firm’s and Street’s targets due to weaker than expected Q4 time-charter equivalent rates. Following the report, the firm revised 2024 EBITDA estimates lower as it cut its charter rate target given its worse-than-expected rate capture.