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Teekay Tankers downgraded to Neutral at BofA after Q3 miss
The Fly

Teekay Tankers downgraded to Neutral at BofA after Q3 miss

BofA downgraded Teekay Tankers (TNK) to Neutral from Buy with a price target of $51, down from $57, after the company posted adjusted Q3 EPS of $1.83, which was below the firm’s $1.93 estimate and the Street’s $1.88 consensus forecast. While the company expects tanker spot rates to increase significantly as winter approaches, this will be off a lower base given the weaker Q3 levels, the analyst tells investors.

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