Wells Fargo Initiates Coverage on Frontline Ltd. (FRO) with an Outperform; An Industry Bellwether
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Price: $2.34 +4.93%
Rating Summary:
2 Buy, 4 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 19 | Down: 23 | New: 29
Rating Summary:
2 Buy, 4 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 19 | Down: 23 | New: 29
Trade FRO Now!
Wells Fargo initiates coverage on Frontline Ltd. (NYSE: FRO) with an Outperform rating. Valuation range $38-40.
Wells analyst says, "We believe FRO’s modest valuation and its considerable leverage to both potential immediate-term seasonal strength and positive long-haul demand fundamentals drive a positive risk/reward balance. We believe the shares are currently discounting considerable OECD demand weakness and the current soft day rate environment, which creates an attractive entry point, in our opinion. Long term, we believe FRO has considerable exposure to positive secular demand catalysts, including increasing global ton miles and Chinese crude imports, which should be long-term catalysts."
To see all the upgrades/downgrades on shares of FRO, visit our Analyst Ratings page.
Shares fell $0.13 yesterday to close at $27.78. The 52-wk trading range is $21.50 - 38.85.
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Wells analyst says, "We believe FRO’s modest valuation and its considerable leverage to both potential immediate-term seasonal strength and positive long-haul demand fundamentals drive a positive risk/reward balance. We believe the shares are currently discounting considerable OECD demand weakness and the current soft day rate environment, which creates an attractive entry point, in our opinion. Long term, we believe FRO has considerable exposure to positive secular demand catalysts, including increasing global ton miles and Chinese crude imports, which should be long-term catalysts."
To see all the upgrades/downgrades on shares of FRO, visit our Analyst Ratings page.
Shares fell $0.13 yesterday to close at $27.78. The 52-wk trading range is $21.50 - 38.85.
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