Frontline price target lowered to $23 from $24.40 at JPMorgan

JPMorgan lowered the firm’s price target on Frontline to $23 from $24.40 and keeps a Neutral rating on the shares. The analyst says Red Sea-related disruptions are now having a sharp impact on tanker rates, particularly in the smaller categories and for product tankers. For Frontline, the firm incorporated the recent sale of five very large cruse carriers, together with slightly lower VLCC rate forecasts, offset by higher LR2 rate assumptions into the model.