- Aegean Marine Petroleum (OTC:ANW -8.7%) is defended at Cowen, which raises its price target to $10.50 from $9 following today's selloff after disappointing Q2 results.
- Cowen views the share drop as a buying opportunity given a pickup in shipping activity in Q3, additional clarity on Fujairah and cost savings, and growing return of capital potential.
- With debt repayment and expected capex minimal through 2015, the firm sees increasing probability for enhanced return of capital initiatives, which it thinks will bring shares to its new $10.50 target.