Jefferies raised the firm’s price target on TEN, Ltd. to $30 from $28 and keeps a Buy rating on the shares. Tankers are entering year three of strong earnings and the oil market balance is shifting further in their favor, the analyst tells investors in a research note. The firm sees “continued compelling value” in owning tanker stocks, saying they trade at just 0.8-times net asset value and at a sizable 22.5% free cash flow yield.
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