Wells Fargo Comments on Bearish Fronline (FRO) Outlook
Tweet Send to a FriendGet Alerts FRO Hot Sheet
Price: $2.46 +11.82%
Rating Summary:
2 Buy, 4 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Rating Summary:
2 Buy, 4 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Trade FRO Now!
On Friday Fronline (NYSE: FRO) warned about difficulties in the tanker business and said that it may have to restructure its business in order to repay debt that is due on April of 2015.
Commenting on the news, analyst Michael Webber of Wells Fargo Equity Research said "Even for FRO, this particularly bearish outlook stands out . . . .We think any restructuring would be a +2014 event (if at all) and we generally believe FRO would be able to meet cash needs with cash on hand, asset sales (tankers, its ~$65MM stake in FRO 2012), or new equity. We remain on the sidelines, and we are revising our 2013 EPS estimate to -$1.27 (from -$1.29) to reflect Q4 results."
Wells Fargo Market Perform Frontline Ltd. price target of $3.50
For an analyst ratings summary and ratings history on Frontline Ltd. (NYSE: FRO)click here. For more ratings news on Frontline Ltd. click here.
Shares of Frontline Ltd. closed at $2.51 yesterday, with a 52 week range of $2.50-$9.47.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Commenting on the news, analyst Michael Webber of Wells Fargo Equity Research said "Even for FRO, this particularly bearish outlook stands out . . . .We think any restructuring would be a +2014 event (if at all) and we generally believe FRO would be able to meet cash needs with cash on hand, asset sales (tankers, its ~$65MM stake in FRO 2012), or new equity. We remain on the sidelines, and we are revising our 2013 EPS estimate to -$1.27 (from -$1.29) to reflect Q4 results."
Wells Fargo Market Perform Frontline Ltd. price target of $3.50
For an analyst ratings summary and ratings history on Frontline Ltd. (NYSE: FRO)click here. For more ratings news on Frontline Ltd. click here.
Shares of Frontline Ltd. closed at $2.51 yesterday, with a 52 week range of $2.50-$9.47.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Urban Outfitters (URBN) Added to Best Ideas List at Janney Capital on Solid Q1 Results
- UPDATE: Sterne Agee Downgrades Beazer Homes (BZH) to Neutral
- Topeka Capital Sees Attractive Entry in Ducommun (DCO); Starts at Buy
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS ViewRelated Entities
Wells Fargo
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
