Deutsche Bank Tells Investors To Buy Euronav Shares If Price Falls Below $8.50

Shares of Euronav NV (NYSE: EURN) have traded lower with the entire Bulk Shipping group Tuesday. The stock was down about 4.5 percent to $8.91 heading into the last hour of trade.

Deutsche Bank analyst Amit Mehrotra earlier published a note on the issue, and suggested downward revisions following the company's second quarter results "could lead to a buying opportunity."

"[W]e would advise against getting overly negative, and use potential short-term dislocations as a Buying opportunity if shares dip below our $8.50 price target," Mehrotra said.

The Deutsche Bank analyst cited an underlying view "crude tanker rates will remain well above breakeven levels for the foreseeable future, allowing EURN to generate surplus cash flow and pay decent dividends."

Mehrotra and Deutsche Bank maintained a Hold rating on shares of Euronav.