Cleaves Securities has taken up coverage of International Seaways with a buy rating suggesting the US-listed tanker owner is a long option for investors.
Analyst Joakim Hannisdahl, who joined Cleaves after it purchased his Gersemi Research earlier this month, placed a $31 per share target price on the shipowner.
Hannisdahl forecasts Seaways will see a tenfold rise in core operating profit from $26m in 2018 to $275m in 2020.
