FBR Capital Reiterates an 'Outperform' on Frontline Ltd. (FRO); Sell-Off Overdone

FBR Capital reiterates an 'Outperform' on Frontline Ltd. (NYSE: FRO), slashes PT from $40 to $28.

FBR analyst says, "As anticipated, the earnings picture remained muted for Frontline in 1Q11. While adjusted earnings came in ahead of the Street estimate, bearish commentary by management at an industry conference drove the stock sharply lower. However, we maintain our view that Frontline is well positioned to benefit from an increasing seaborne oil trade, as an increasing percentage of the world's oil is transported via the sea and as trade lanes lengthen. We believe the current softness in the tanker market presents an entry opportunity for FRO ahead of a rebound, which could begin as early as the end of the year."

For more ratings news on Frontline Ltd. click here and for the rating history of Frontline Ltd. click here.

Shares of Frontline Ltd. closed at $17.57 yesterday.

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