Deutsche Bank Downgrades Euronav (EURN) to Hold Following Acquisition

Deutsche Bank analyst Amit Mehrotra downgraded Euronav (NYSE: EURN) from Buy to Hold with a price target of $17.86 (from $19.00).

The analyst comments "Last week, Euronav (EURN) announced a 4Q23 adj. EPS of $0.43, which was below our estimate due to lower than expected revenues. We believe EURN shares will trade just below the mandatory take-over price of $17.86/share ($18.43/share net of $0.57/share dividend paid in December). As such, we're changing our price target to be in line with the mandatory take-over price and downgrading our rating from Buy to Hold. We will re-evaluate the situation once the CMB.TECH deal is approved and the MTO process is completed. "

For an analyst ratings summary and ratings history on Euronav click here. For more ratings news on Euronav click here.

Shares of Euronav closed at $17.72 yesterday.

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