Teekay Tankers price target lowered to $41 from $42 at BofA

BofA analyst Ken Hoexter lowered the firm’s price target on Teekay Tankers (TNK) to $41 from $42 and keeps an Underperform rating on the shares. The firm cites declining crude tanker market rates for the price target reduction. BofA believes Suezmax/Aframax rates have fallen to the low to mid $20K/day range to end Q2, due to lower ton miles in May and June, in-line with typical seasonal trends, as well as easing Middle East tensions.