© Reuters. Euronav (EURN) at ‘attractive entry point for investors’ – Deutsche Bank
Euronav (NYSE:) was lifted to Buy from Hold with a $20 per share price target by Deutsche Bank analysts on Thursday evening.
The analysts told clients in a note that the current price offers an attractive entry point for investors, with the firm’s new price target representing a potential 27% upside.
“Shares were trading at ~$16.50 today, implying ~21% upside to our price target,” the analysts wrote.
“We note that there are some short-term macroeconomic and demand headwinds that still overhang the segment, but the medium-term outlook remains generally positive based on very constrained net fleet growth in the coming years.”
The analysts believe the short-term headwinds should give way to a recovery in the second half of the year. They added that they “believe Euronav is a highly-reputable company within the tanker segment” and that it is “well positioned to take advantage of an improving market given its extensive VLCC and Suezmax.”
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