Stifel has expressed sound confidence in Euronav despite Frontline backing out of a deal to acquire the tanker owner for $4.2bn in January.
The US investment bank has upgraded its rating on Euronav shares to buy from hold three months after John Fredriksen-backed Frontline backed out of the proposed all-stock merger.
“While there could still be the potential of a large seller following the merger drama of the past year, which left Euronav largely unchanged, we now can look at Euronav shares on their own merits,” analyst Benjamin Nolan wrote in a note.
