Scorpio Tankers price target lowered to $83 from $86 at Evercore ISI

Evercore ISI analyst Jonathan Chappell lowered the firm’s price target on Scorpio Tankers (STNG) to $83 from $86 and keeps an Outperform rating on the shares. The company’s Q4 earnings per share beat the firm’s forecast and the average Street estimate as better-than-expected spot rates across asset classes more than offset a jump in G&A to drive the bottom-line upside, the analyst tells investors in a research note. The firm added that while the quarter-to-date spot rates were a little stronger than expected, the Q1 revenue upside is offset by a higher G&A extrapolation following the Q4 increase.