Seaport Global Securities Starts Ship Finance International (SFL) at Neutral
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Seaport Global Securities initiates coverage on Ship Finance International (NYSE: SFL) with a Neutral rating and a price target of $16.00.
Analyst Magnus Fyhr commented, "SFL is a major ship-owning and chartering company operating in several subsectors of the shipping and offshore industries. SFL has a strong track record of paying dividends through volatile shipping cycles. Its successful growth and dividend strategy is based on a long-term chartering strategy to provide stable cash flows while the affiliation with the Fredriksen group offers access to an extensive deal flow across several sectors. We believe that SFL’s approach to risk management is unique as it limits the exposure to the parent through a diversified portfolio approach and limited corporate guarantees. While investor concerns center on declining profit sharing from Frontline and the Seadrill counterparty risk, SFL has a strong liquidity position to maintain its dividend. Our $16 price target is based on SFL shares trading at an 11% forward yield."
Shares of Ship Finance International closed at $15.76 yesterday.
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