Euronav NV downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank downgraded Euronav NV to Hold from Buy with a price target of $20, up from $19. The analyst notes that the speed of asset price appreciation in newbuilding tankers has slowed in recent months from a year-over-year perspective. Asset values were quickly adjusting to the new forward-looking rate environment during 2022, but have now started to stall, the analyst tells investors in a research note. As such, the firm is not pricing in further significant fleet asset price appreciation into the sector’s 12-month price targets.