UPDATE: UBS Starts Teekay Tankers (TNK) at Neutral

(Updated - March 14, 2014 1:43 PM EDT)

UBS initiated coverage on Teekay Tankers (NYSE: TNK) with a Neutral rating and a price target of $4.50.

Analyst Joshua Katzeff said, "TNK is a top tier tanker owner with a secondhand fleet of crude and product tankers. TNK's fleet consists primarily of Suezmax and Aframax tankers with a mix of time and spot contracts. While we are positive on TNK's core crude and product tanker segments, TNK has rallied 61.8% (vs the SP 500 at 11.1%) since end-Q3 2013, and already trades at a significant premium to NAV."

For an analyst ratings summary and ratings history on Teekay Tankers click here. For more ratings news on Teekay Tankers click here.

Shares of Teekay Tankers closed at $4.10 yesterday.

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