Fearnley Securities is initiating coverage on d’Amico International Shipping following the product tanker owner’s debt-cutting efforts.
It expects the Milan-listed company to shift its priorities to dividends and buybacks while giving the stock a buy rating and a €7.80 ($8.49) target price.
“While [d’Amico] has no firm dividend policy, they’ve initiated an opportunistic buyback programme for up to 15% of the share capital to be utilised alongside dividends,” analysts Fredrik Dybwad and Oystein Vaagen said.
