Jefferies Upgrades TK, TNP to Buy; Downgrades NAT, SFL to Hold

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Jefferies made a number of changes in the maritime group. The firm is reducing 3Q10, 4Q10, and 2011 charter rate estimates and correspondingly EPS, CFPS, and EBITDA estimates to adjust for the current weak charter rate environment and utilization levels.

Teekay Corporation (NYSE: TK) ($41 tgt) and Tsakos Energy Navigation Ltd. (NYSE: TNP) ($20 tgt) were upgraded from Hold to Buy.

Nordic American Tanker Shipping Ltd. (NYSE: NAT) ($28 tgt) and Ship Finance International Limited (NYSE: SFL) ($20 tgt) were downgraded from Buy to Hold.

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