Euronav becomes an “attractive entry point for investors”

Euronav becomes an “attractive entry point for investors”

© Reuters.

Euronav (NYSE:) was raised to Buy from Hold with a price target of $20 per share by Deutsche Bank analysts on Thursday evening.

Analysts told clients in a note that the current price provides an attractive entry point for investors, with the company’s new price target representing a potential upside of 27%.

“The shares were trading around $16.50 today, implying a ~21% upside to our price target,” the analysts wrote.

“We note that there are near-term macroeconomic and demand headwinds that still weigh on the segment, but the medium-term outlook remains generally positive based on very limited net fleet growth in the years to come. come.”

Analysts believe short-term headwinds should give way to a recovery in the second half. They added that they “believe Euronav is a highly reputable company in the tanker segment” and is “well positioned to take advantage of an improving market given its large VLCCs and Suezmax”.


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