As previously reported, BofA analyst Ken Hoexter upgraded Teekay Tankers to Buy from Neutral with a price target of $72, up from $56. The firm expects the shipping supply-demand balance to remain favorable, with rates holding well above break-even levels for carriers, leading to strong cash generation, the analyst tells investors. The firm is increasingly positive on crude tankers, while stating that it is “relatively more cautious” on the product tanker backdrop.
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