© 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”.
