From the Editor, A Luffing Tanker Market?

On February 21, Stephen Gengaro of ING Barings published research on TK Shipping (NYSE: TK) reiterating their Strong Buy on the shares, which on that date were trading at $41.95, placing a 12 month target of $70.00 and earnings per share of $10 on the shares.

The same day, Jim Winchester of Lazard Frères reiterated his Outperform rating and placed a target of $45, with an EPS of $8.15, on the shares. Interestingly, Winchester downgraded TK from a Buy to Outperform on January 10th 2001 lowering the price target from $45-$42 and indeed, while Freshly Minted praised this research, it stated that the “aggressive punter…may still fair well as a bull”. Well, Lazard’s target is again $45 today, at which point they previously rated TK a Buy, yet the rating remains an Outperform.

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