US investment bank Jefferies believes investors are undervaluing Scorpio Tankers because of an "overly-bearish" view of the product tanker sector.
Fresh from hosting virtual client meetings with Scorpio's management, Jefferies analysts drew the conclusion the market is heavily discounting the shipowner due to doubts over future rates and liquidity.
The New York-listed stock is trading 45% below the company's net asset value, the investment bank believes.
