0907 GMT 30 April [Dow Jones] Jefferies lifts Frontline (FRO) target to $5.50 from $4.50 and retains hold rating. Says it is increasing 1H12 estimates to reflect the stronger than expected charter rate environment from mid-March into at least May as a result of increased production levels out of Saudi Arabia. However, it reduces 2H12 estimates as it expects charter rates to be weaker than previously expected due to the resulting build in US inventories requiring destocking before a more sustainable increase in OPEC production is possible. Shares 4% higher at NOK37.82.
- Dominic Chopping, Dow Jones Newswires