Teekay Tankers downgraded to Neutral at BofA after Q3 miss

BofA downgraded Teekay Tankers (TNK) to Neutral from Buy with a price target of $51, down from $57, after the company posted adjusted Q3 EPS of $1.83, which was below the firm’s $1.93 estimate and the Street’s $1.88 consensus forecast. While the company expects tanker spot rates to increase significantly as winter approaches, this will be off a lower base given the weaker Q3 levels, the analyst tells investors.