Eneti initiated with a Buy at Pareto

Pareto initiated coverage of Eneti with a Buy rating and $13 price target. The analyst says offshore installation continues to look like an attractive place in the offshore wind value chain and that Eneti "is the cheapest way in." With a discount exceeding that of old Scorpio Bulkers to its shipping peers, Eneti’s valuation gap is "too large to ignore," the analyst tells investors in a research note.