The Harry Vafias-led company ranks as the bank’s top stock pick in the gas shipping sector, with a $14 per share target price, against $9.18 on Tuesday.
It said the company has twice as many LPG vessels as its nearest rival, with 40 in the fleet, and it has an orderbook of 19 new ships.
The analyst said: “We estimate the acquisitions should translate to a more than doubling of earnings power in 2016 vs 2013, which combined with favorable demand/supply dynamics we see emerging in the LPG space, should drive considerable upside in the stock.”
GASS
