RS Platou Markets took a red pen to its rating Friday morning in response to renewed concerns that cost savings related to the 2M alliance will be lower than researchers had expected.
In a client briefing the firm’s shipping analysts downgraded the company's Copenhagen-quoted stock from “buy” to “hold” and set a price target of DKK 16,000 ($2,800) per share.
Citing guidance from AP Moller’s chief executive and other members of management who participated in a capital markets day earlier this week RS Platou said savings from the 2M alliance will likely amount to roughly $350m a year.
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