Subdued seaborne trade activity led to deterioration in Frontline Ltd.’s (Frontline) financial performance in 4Q 09 and FY 2009. However, there have been signs of revival in the company’s economic prospects, visible from the sequential improvement in the company’s revenues and earnings. As our fundamental outlook remains unchanged, we maintain our 6-12 month HOLD rating for the Frontline NYSE common stock....

Frontline Ltd.'s (Frontline) 3Q 09 results trailed market expectations due to a steep decline in sea borne trade activity. However, we expect to raise our estimates and target price to incorporate improvement in shipping rates since our last update and hence upgrade our common stock rating from a SELL to a HOLD. We will reassess our NYSE common stock rating for Frontline in our next update report. We continue to anticipate a significant negative currency impact…

Frontline Ltd.’s (Frontline) NYSE common stock price has increased significantly since our last update report, reflecting the improvement in financial markets and increase in crude oil prices. However, we expect the demand for oil to remain weak and, consequently, expect spot freight rates to remain low. Accordingly, we maintain our SELL rating for the NYSE common stock. We will reassess our NYSE common stock rating for Frontline in our next update report after the company…