GasLog +4.7%, Golar LNG Partners -3.6% as Morgan Stanley opines

GasLog (GLOG +4.7%) is initiated with an Overweight rating and a $26 price target while gas shipping peer Golar LNG Partners (GMLP -3.6%) is downgraded to Equal Weight with a $33 target at Morgan Stanley.

GLOG offers relatively low downside, having most of its fleet locked in solid long-term charters with strong counterparties and a reputation as a top quality operator, the firm says; GLOG's ability to identify attractive acquisition opportunities, not only by ordering newbuilds but also secondhand vessels, suggests stable growth potential.

The firm sees lower upside for GMLP due to the anticipated difficulty of its parent, Golar LNG (GLNG +1%), to secure long-term contracts for its newbuilds during the next 12 months; however, even with the $33 price target, GMLP still offers 10%-15% total return including a 6.7% yield.

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