FBR & Co. (NASDAQ:FBRC) is a leading investment bank with one of the strongest equities distribution capabilities in the securities industry and an active asset management business.
(Dow Jones) FBR slashes its price target on Frontline (FRO) to $1.50 from $5.50 as it downgrades the oil-tanker operator to underperform in the wake of the company’s 3Q report, which included a dividend suspension and “management’s concession that a restructuring and additional capital will be necessary in 1H absent a material recovery in the market.” FBR isn’t “ruling out the risk of a restructuring via Chapter 11, as we saw with General Maritime (GMRRQ) last week.” FRO is down another 14% today to $2.64 after Tuesday’s 41% tumble, putting the week’s loss at 54% and the year’s at 90%.
- by Kevin Kingsbury, Dow Jones Newswires
