International Seaways price target raised to $70 from $60 at BTIG

BTIG analyst Gregory Lewis raised the firm’s price target on International Seaways (INSW) to $70 from $60 and keeps a Buy rating on the shares as part of a broader research note on Crude and Product Tanker names. Crude tanker spot rates have surprised to the upside with average VLCC – Very Large Crude Carrier – spot rates averaging $100K YTD, which is up almost 2-times versus the same period last year, the analyst tells investors in a research note.