Alliance Global Partners raised the firm’s price target on Knot Offshore Partners (KNOP) to $12 from $10 and keeps a Neutral rating on the shares. The firm notes Q4 Operating results were well above expectations, with higher charter revenue more than offsetting higher operating costs. Management avoids proffering any guidance, but they consistently stated on past calls that the shuttle tanker market in Brazil was improving so the positive variance is not that surprising, Alliance Global Partners adds. What is surprising is the magnitude of the Q4 out performance relative to Q3 operating results and expectations, it argues.
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