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Wells Fargo Comments on Bearish Fronline (FRO) Outlook

February 25, 2013 10:02 AM EST Send to a Friend
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Price: $2.49 +2.05%

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    2 Buy, 7 Hold, 3 Sell

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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.




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