Evercore downgrades Nordic American Tankers to Sell on war disruption

Evercore ISI analyst Jonathan Chappell downgraded Nordic American Tankers (NAT) to Underperform from In Line with a price target of $4.50, down from $5. The Iran War and Strait of Hormuz closing are “unprecedented and there is no line of sight on a final outcome and timing,” the analyst tells investors in a research note. Evercore says this brings “more headline noise and volatility” for the tanker group. It believes Nordic American’s risk/rewards skews unfavorable from here.