Ardmore Shipping Corp Coverage Initiated by Analysts at Morgan Stanley (ASC)
Morgan Stanley began coverage on shares of Ardmore Shipping Corp (NYSE:ASC) in a research note issued on Monday, American Banking & Market News reports. The firm set an “overweight” rating and a $16.00 price target on the stock. Morgan Stanley’s price target would indicate a potential upside of 16.70% from the stock’s previous close.
The analysts wrote, “ASC has a growing high-spec fuel efficient product/chemical tanker fleet with 8 existing vessels and 12 more eco ships to be delivered in 2014-15. Growing US Gulf exports, export refinery capacity in India and Middle East, and LatAm and WAf demand are all set to increase product trade. Management with strong record of accomplishment in shipping and operating in capital markets. Integrated ship management suggests full alignment of interest and low cost structure.”
Ardmore Shipping Corp (NYSE:ASC) traded up 0.66% on Monday, hitting $13.80. 7,660 shares of the company’s stock traded hands. Ardmore Shipping Corp has a one year low of $13.29 and a one year high of $14.05. The stock’s 50-day moving average is $13.81 and its 200-day moving average is $13.81. The company’s market cap is $249.1 million.
Ardmore Shipping Corp (NYSE:ASC) last released its earnings data on Monday, August 26th. The company reported ($0.04) earnings per share for the quarter.
A number of other firms have also recently commented on ASC. Analysts at Clarkson Capital initiated coverage on shares of Ardmore Shipping Corp in a research note to investors on Monday. They set an “outperform” rating on the stock. Separately, analysts at Evercore Partners initiated coverage on shares of Ardmore Shipping Corp in a research note to investors on Monday. They set an “overweight” rating on the stock. Finally, analysts at Jefferies Group initiated coverage on shares of Ardmore Shipping Corp in a research note to investors on Monday. They set a “buy” rating on the stock.
Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies.
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