Scorpio Tankers price target raised to $56 from $53 at BofA

BofA analyst Ken Hoexter raised the firm’s price target on Scorpio Tankers (STNG) to $56 from $53 and keeps an Underperform rating on the shares. The firm is updating its model to reflects its expected 5% increase on vessel sales rates but also notes that its 5.0-times EBITDA multiple target remains below the midpoint of its 5-year range of 4.5- to 8.5- due to a rising capacity view, the potential unwind of sanctions on Russia, and its view of peak rates, the analyst tells investors in a research note.