UPDATE: Jefferies Downgrades Euronav (EURN) to Hold

Jefferies analyst Randy Giveans downgraded Euronav (NYSE: EURN) from Buy to Hold with a price target of $12.00 (from $13.00).

The analyst comments "Earlier this month, Euronav (EURN) and Frontline (FRO) announced a pending all-share merger agreement wherein EURN shareholders would end up owning 59% of a combined EURN/FRO entity based on an exchange ratio of 1.45 FRO shares for every 1.0 EURN share. The deal is still pending final transaction structuring details, but we believe the merger will be approved later this year. As such, we are downgrading to Hold as shares reflect the market value of the merger."

For an analyst ratings summary and ratings history on Euronav click here. For more ratings news on Euronav click here.

Shares of Euronav closed at $11.53 yesterday.

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