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Aegean Marine Petroleum Network Inc. Message Board

  • twm48976 twm48976 Aug 20, 2013 2:46 PM Flag

    ANW tgt raised to $10.50 from $9 at Cowen

    ANW tgt raised to $10.50 from $9 at Cowen; better Q3 expected, views today's sell-off as an opportunity given a pick-up in shipping activity in Q3

    Cowen raises their ANW tgt to $10.50 from $9 following today's sell-off after co reported 2Q numbers below consensus. Cowen views this as an opportunity given a pick up in shipping activity in 3Q, additional clarity on Fujairah and cost savings, and growing return of capital potential. Given the success of cost-saving initiatives, fleet rotation to West Mediterranean markets, and Fujairah start-up marked for 1Q14, the firm is increasingly comfortable with its 2014 FCO est of $1.45/share. With debt repayment and expected capex minimal through 2015, Cowen sees increasing probability for enhanced return of capital initiatives, which it thinks will bring shares to its new $10.50 target.

    Sentiment: Strong Buy

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ANW
11.23-0.34(-2.94%)Jul 27 4:02 PMEDT