Teekay Tankers price target lowered to $60 from $72 at Jefferies

Jefferies lowered the firm’s price target on Teekay Tankers (TNK) to $60 from $72 and keeps a Buy rating on the shares. Tanker stocks gave up their 2024 gains weeks ago and are now down 5% on the year, notes the analyst, who argues that a “lackluster spot market remains the key element driving sentiment lower.” Q3 estimate revisions have been followed by Q4 estimate revisions, which is “now leading to nervousness on 2025,” the analyst added in a note on the group in which the firm lowered price targets nearly across the board.