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Sunday, June 03, 2018 1:44:03 PM
Morgan Stanley analyst Fotis Giannakoulis says the pullback was overdone, keeping his Overweight rating on the stock while lowering its price target to $31 from $36, saying his FLNG thesis remains intact as the Hilli Episeyo already is producing cargoes in Cameroon, while the recent agreement with BP for the Torture project in Mauritania and Senagal also confirms the value proposition.
Meanwhile, Gloar LNG Partners (GMLP -12.1%) is slammed as BofA Merrill Lynch issues a double-notch downgrade to Underperform from Buy with a $16 price target, cut from $24, citing concerns about the lack of clarity on cash flows and the sustainability of the dividend after net income fell 37% Y/Y and distributable cash flow declined to $13.3M, leaving a troubling 0.32 coverage ratio.
Track Record In Real Time:
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