- Scorpio Tankers (STNG +0.9%) is higher after J.P. Morgan upgrades shares to Overweight from Neutral with a $34 price target, raised from $29.
- JPM analyst Noah Parquette says he has seen a considerable increase in interest from investors in the IMO 2020 product tanker story in recent weeks, and STNG "should benefit from this momentum" as the world's largest owner of product tankers.
- Parquette also says strength in product tanker rates could be seen in Q3 and Q4 as refineries exit maintenance periods and many ship owners begin filling their ships with low sulfur fuel before the actual switch date.