Teekay Shipping +2.2% after Barclays upgrade

|About: Teekay Corporation (TK)|By:, SA News Editor

Teekay Shipping (TK +2.2%) is upgraded to Overweight from Equal Weight with a new $56 price target, up from $35, at Barclays, which believes higher cash distributions from general partnership interests along with lower leverage from transitioning to an asset-light marine transportation manager are creating a positive inflection point for shareholders.

Given this backdrop, the firm believes shareholder distributions could nearly double by 2016, creating a compelling investment case.