Teekay Corporation’s (Teekay) NYSE common stock achieved our target price on 08 July 2009, which we believe reflects the decline in crude oil prices. Although we expect the price of crude oil to remain weak, given the current price levels we upgrade the NYSE common stock rating from a SELL to a HOLD. We will reassess our target price and rating once the company announces its 1Q 09 results. We maintain our SELL rating for the European stock in anticipation of a significant…

Teekay Corporation's (Teekay) NYSE common stock achieved our target price on 10 June 2009, which we believe reflects a rise in crude prices. As we expect spot rates to decline in 1Q 09, with slowing oil demand, we downgrade the NYSE common stock from a BUY to a HOLD. We will reassess our target price and rating in our 4Q 08 and FY 2008 update report. Although the European stock target price does not support a HOLD rating at current…

Going forward, spot freight rates for oil tankers are expected to continue to suffer from slowing oil demand given challenging economic conditions. In January 2009, IMF forecasts predicted that the US economy (the world’s largest consumer of oil) will contract by 1.6% in 2009 and 2010. According to the EIA, global oil demand in 2009 is expected to decline 1.1% y-o-y to 84.7 mn barrels per day. Consequently, we expect spot rates to remain…