Scorpio Tankers is getting a bump from B Riley FBR thanks to improving product tanker rates and the incoming IMO emissions regulations.
Liam Burke, managing director at the investment bank, raised the Emanuele Lauro-led company from neutral to buy in a Monday note while upping its target price rising to $25 from $22.
"As the world’s largest operator of product tankers, Scorpio Tankers should benefit from the underlying strength in the product tanker market driven by the declining pace of new shipbuilding and the increase in demand for distillates to meet IMO 2020 standards," Burke wrote.
