BofA analyst Ken Hoexter downgraded Teekay Tankers (TNK) to Underperform from Neutral with a price target of $46, down from $51. The firm sees rising risk in international shipping, including container liners and crude and product tankers, on a potential easing of geopolitical disruptions. This will add capacity and pressure rates, the analyst tells investors in a research note. BofA cites weaker pricing, rising orderbook, and easing disruptions for the downgrade of Teekay Tankers.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TNK:
- Ex-Dividend Date Nearing for These 10 Stocks – Week of November 11, 2024
- Teekay Tankers Reports Revenue Decline, Steady Profits
- Teekay Tankers slips after BofA downgrade following earnings miss
- Teekay Tankers downgraded to Neutral at BofA after Q3 miss
- Teekay Tankers downgraded to Neutral from Buy at BofA