Deutsche Bank has turned decidedly more bearish on its outlook for crude tanker stocks, according to a new report.
Analyst Amit Mehrotra has downgraded Euronav and Teekay Tankers from ‘buy’ to ‘hold’ and slashed their respective target prices by 50% and 37%.
“We first wrote about our concerns on crude tanker supply in May of last year, when we characterized risks from the rising order book as ‘flashing yellow light’.
