BTIG raised its price target on Frontline from $45 to $55 while maintaining a Buy rating. The new target implies an upside of over 55% from current levels. The upgrade came in a research note on oil and tanker markets, where BTIG noted that crude tanker demand is expected to strengthen post-war as Asian importers replenish inventories. The firm also highlighted that hiring costs for tankers in the Persian Gulf have nearly doubled following the US-Iran memorandum of understanding.
Frontline LtdBTIG raised price target from $45 to $55, maintaining Buy rating, implying over 55% upside.