Deutsche Bank Downgrades Frontline Ltd. (FRO) to Hold; Risks Mount

Deutsche Bank downgraded Frontline Ltd. (NYSE: FRO) from Buy to Hold, price target cut from $11 to $5.00.

Deutsche analyst says, "FRO is down 80.4% YTD vs. the S&P 500 down 0.4% and our tanker universe down 53.0% (net FRO). VLCC rates have collapsed 66.3% from a year high of $41,698/day in February to $14,032/day currently. At the onset of 2011 we were constructive on tankers with an OECD macro recovery set to play out and continued support from the East. Macro volatility, a Japanese disaster, and persistent vessel deliveries had other plans. Our tolerance has reached its threshold and we are stepping to the side despite the downside YTD."

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 $4.71 yesterday.

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