B. Riley raised the firm’s price target on Scorpio Tankers (STNG) to $80 from $75 and keeps a Buy rating on the shares. The firm says increased ton-mile demand for the crude tankers is being driven by geopolitical risks, sanctions, tensions in the Red Sea, and European bans on Russian oil. The analyst increased estimates for Scorpio Tankers saying the underlying supply/demand dynamic for product tankers remains very positive with steady global oil consumption growth and an aging global product tanker fleet tightening capacity.
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