Stifel ratcheted down its earnings expectations for Scorpio Tankers as rates for products tankers come in below expectations.
Benjamin Nolan, the investment bank's shipping analyst, now expects the New York-listed tanker owner to deliver a $0.02 loss per share for 2016, rather than the $0.18 in earnings per share he had previously expected.
He also reduced his share price target to $8 from $9.
After Scorpio reported third-quarter earnings, Nolan said the company's earnings for the period was below his predictions because spot rates for medium-range and handysize tankers were lower than he had forecast for the period.
"Additionally,
