BofA analyst Ken Hoexter downgraded Teekay Tankers (TNK) to Underperform from Neutral with a price target of $46, down from $51. The firm sees rising risk in international shipping, including container liners and crude and product tankers, on a potential easing of geopolitical disruptions. This will add capacity and pressure rates, the analyst tells investors in a research note. BofA cites weaker pricing, rising orderbook, and easing disruptions for the downgrade of Teekay Tankers.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on TNK:
- Ex-Dividend Date Nearing for These 10 Stocks – Week of November 11, 2024
- Teekay Tankers Reports Revenue Decline, Steady Profits
- Teekay Tankers slips after BofA downgrade following earnings miss
- Teekay Tankers downgraded to Neutral at BofA after Q3 miss
- Teekay Tankers downgraded to Neutral from Buy at BofA
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
