Torm plc price target raised to $23 from $22 at Evercore ISI

Evercore ISI analyst Jonathan Chappell raised the firm’s price target on Torm plc (TRMD) to $23 from $22 and keeps an Outperform rating on the shares. Q2 adjusted EPS came in slightly below the firm’s forecast, but the Q3-to-date spot rates across Torm’s three asset classes are all tracking well above expectations, the analyst tells investors. The product tanker market is “finally showing some strengthening ahead of the seasonal strong period,” the analyst added in a post-earnings note.