Deutsche Bank Adjusts Numbers on Frontline Ltd. (FRO); Remains Our Top Spot-Exposed Pick To Play A Tanker Recovery
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Price: $43.50 +3.13%
Rating Summary:
5 Buy, 9 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 16 | New: 37
Rating Summary:
5 Buy, 9 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 16 | New: 37
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Deutsche Bank maintains a 'Buy' on Frontline Ltd. (NYSE: FRO), price target lowered from $16 to $11.
Deutsche analyst says, "Last week, FRO reported a better-than-expected Q2 adjusted EPS loss of $0.30, ahead of our estimated loss of $0.47 and a Consensus loss of $0.36. The Q2 upside report was primarily driven by higher revenue, a result of higher VLCC spot rate earnings. We believe FRO's recent share decline over liquidity concerns was overdone given our expectation for a new loan facility covering its newbuildings. We are maintaining our Buy-rating for FRO given what we believe continues to be a compelling valuation and the potential for a Q4 rate rally...We are lowering our 2011 and 2012 EPS estimates to a loss of $1.32 and a gain of $0.51 from a loss of $1.20 and a gain of $0.86. The lower estimates are a result of updated rate and fleet assumptions, increased leverage and Q2 actual results."
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 $7.15 yesterday.
Deutsche analyst says, "Last week, FRO reported a better-than-expected Q2 adjusted EPS loss of $0.30, ahead of our estimated loss of $0.47 and a Consensus loss of $0.36. The Q2 upside report was primarily driven by higher revenue, a result of higher VLCC spot rate earnings. We believe FRO's recent share decline over liquidity concerns was overdone given our expectation for a new loan facility covering its newbuildings. We are maintaining our Buy-rating for FRO given what we believe continues to be a compelling valuation and the potential for a Q4 rate rally...We are lowering our 2011 and 2012 EPS estimates to a loss of $1.32 and a gain of $0.51 from a loss of $1.20 and a gain of $0.86. The lower estimates are a result of updated rate and fleet assumptions, increased leverage and Q2 actual results."
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 $7.15 yesterday.
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