Scorpio Tankers: Strategic Asset Sales and Favorable Market Conditions Drive Buy RatingWe reiterate our Buy rating on STNG’s shares and raise our PO to $66 (from $60), on 6.0x our revised 2026 EBITDA estimate (from 5.25x), given stronger asset values. We see accelerating cash generation at STNG from seasonally improving product tanker rates in 4Q25, as well as tightened supply/demand balance from the unwind of OPEC+ production cuts and EU sanctions on Russia. Our 6.0x target moves just above the bottom of its 5-year trading range of 5x-8x as increasing rates, improved vessel values, and cash generation are balanced by a peak rate and rising capacity view. We lower our 3Q25e/2025e/2026e EPS estimates 2%/3%/9%, to $1.62/$6.00/$6.05, from $1.66/$6.15/$6.65, on a lower fleet count following its planned sale of three vessels (expected to close in 4Q25).