BofA analyst Ken Hoexter raised the firm’s price target on Scorpio Tankers (STNG) to $61 from $56 and keeps an Underperform rating on the shares. The firm slightly increased its target multiple given near term momentum in product tanker rates, but notes that its multiple remains below the midpoint of its five-year range due to a rising capacity view, the potential unwind of sanctions on Russia, and its view of peak rates.
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