Jefferies lowered the firm’s price target on International Seaways (INSW) to $60 from $66 and keeps a Buy rating on the shares. Tanker stocks gave up their 2024 gains weeks ago and are now down 5% on the year, notes the analyst, who argues that a “lackluster spot market remains the key element driving sentiment lower.” Q3 estimate revisions have been followed by Q4 estimate revisions, which is “now leading to nervousness on 2025,” the analyst added in a note on the group in which the firm lowered price targets nearly across the board.
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Read More on INSW:
- International Seaways price target lowered to $63 from $68 at Deutsche Bank
- International Seaways Reports Q3 2024 Financial Results
- International Seaways Reports Strong Q3 2024 Results
- International Seaways reports Q3 adjusted EPS $1.57, consensus $1.65
- International Seaways downgraded to Hold from Buy at Stifel
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