Goldman Sachs Upgraded Frontline Ltd. (FRO) to Buy
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Goldman Sachs upgraded Frontline Ltd. (NYSE: FRO) from Sell to Buy and added the stock to their Conviction Buy List.
The firm said an improving crude oil demand outlook from non-OECD countries and increasing OPEC production and a better-than-expected tankers supply picture will lead to a stabilization in freight rates from Q2.
The firm sees 43% upside.
Frontline Ltd., through its subsidiaries, engages in the ownership and operation of oil tankers, including oil/bulk/ore (OBO) carriers.
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