FRO - Frontline upgraded at Evercore ISI with 'only one way to go' from bottom

Frontline ([[FRO]] +2.1%) pushes higher despite reporting a larger than forecast Q4 adjusted loss, as the shipper sees signs of a turnaround in a "muted" tanker market."Demand for tankers is currently muted as the total volume of oil transported is capped," interim CEO Lars Barstad said. "There are indications we may be near the end of the inventory draw cycle as OECD stock levels are approaching five-year averages."Barstad believes the strong development in oil prices implies the return of real demand, saying "when global oil markets switch from drawing on inventories, to call on equal volumes from the marketplace, growing demand for freight should be expected."Meanwhile, Evercore ISI upgrades shares to In-line from Underperform with a $7 price target, raised from $5.50, with "only one way to go from here" with crude tanker rates bouncing along a deep and prolonged bottom, and "the market moving fast on 'recovery trades,'" especially

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Frontline upgraded at Evercore ISI with 'only one way to go' from bottom