Goldman Sachs Upgrades Frontline Ltd. (FRO) to Neutral
Aug 24, 2012 10:09AM
Goldman Sachs upgraded Frontline Ltd. (NYSE: FRO) from Sell to Neutral following recent underperformance.
The firm is now neutral, saying on one hand they are cautious on the crude tanker outlook for the next two years given supply demand imbalance. Near term they expect rates to remain under pressure. They only see the market recovering by the end of 2013. On the other hand, valuation no longer supports a Sell rating.
For an analyst ratings summary and ratings history on Frontline Ltd. click here. For more ratings news on Frontline Ltd. click here.
Shares of Frontline Ltd. closed at $3.61 yesterday, with a 52 week range of $2.52-$9.47.