tiprankstipranks
TEN, Ltd. price target lowered to $32 from $40 at Fearnley
The Fly

TEN, Ltd. price target lowered to $32 from $40 at Fearnley

Fearnley lowered the firm’s price target on TEN, Ltd. to $32 from $40 and keeps a Buy rating on the shares. The firm sees better risk/reward in very large crude carrier names compared to product tanker equities over the coming 12 months. Product Tanker earnings are normalizing and facing higher supply than ton mile growth, while the VLCCs “look more robust through the low OB and a promising ton mile growth story,” the analyst tells investors in a research note. With risks of run cuts through normalizing crack spreads, Fearnley sees potential for lower than expected volumes next year and pressure on product tanker rates.

Don't Miss our Black Friday Offers:

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App