UBS Maintains a 'Neutral' on DHT Holdings (DHT); Cutting Estimates

UBS maintains a 'Neutral' on DHT Holdings (NYSE: DHT) price target lowered from $1.50 to $0.90.

UBS analyst says, "The global oil tanker market continues to be weak in the face of demand concerns and continued excess vessel supply. Projections from Clarkson Research, for example, place global tanker demand up 2.1% in 2011 compared to supply growth of 6%. These types of statistics imply a material recovery in this industry is at least a year or two away, assuming global macro conditions don’t deteriorate further."

"In response we are once again trimming our projections. EPS for 2011E is now $0.23 (from $0.26) and 2012E falls from $0.18 to $0.13. Future years beyond 2012 also received a haircut."

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

Shares of DHT Holdings closed at $0.96 yesterday.

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