Deutsche Bank Downgrades Teekay Corp. (TK) to Hold

Deutsche Bank downgraded Teekay Corp. (NYSE: TK) from Buy to Hold with a price target of $10.00 (from $60.00).

Amit Mehrotra said, "Undoubtedly we should have done this a long time ago given the market environment for yield-related names. But our confidence in the company's ability to continue paying its dividend kept us at a Buy (supported by the significant increase in TK's dividend implemented just five months ago). We couldn't have been more wrong given yesterday's 90% dividend cut (which we view as more strategic than necessary), and as such downgrade to Hold."

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

Shares of Teekay Corp. closed at $7.27 yesterday.

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