Wednesday, August 8, 2007

Cantor Fitzgerald maintains Buy on Tsakos (TNP)

Tsakos Energy Navigation "buy," target price raised
August 06, 2007

Analysts at Cantor Fitzgerald maintain their "buy" rating on Tsakos Energy Navigation Ltd (ticker: TNP), while reducing their estimates for the company. The target price has been raised from $79 to $85.

In a research note published on August 3, the analysts mention that the company has posted its 2Q07 operating EPS ahead of the estimates and the consensus mainly on account of higher-than-anticipated charter rates. Tsakos Energy Navigation’s substantial charter coverage, widespread newbuilding programme and well-balanced mix of crude and product carriers are likely to help the company to withstand any volatility in rates in the near term, the analysts say. The EPS estimate for 2007 has been reduced from $7.30 to $7.21 to reflect the current spot rate scenario.

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