ING Barings analyst Stephen Gengaro raised his rating of shipowner Overseas Shipholding Group
Inc. to buy from hold and set a 12-month price target of $28 to $30. In a research note, he raised his 2000 earnings per share estimate to 75 cents from 20 cents and initiated a 2001 EPS estimate of $1.25. He is maintaining his 1999 EPS estimate at 14 cents. Gengaro maintains a bullish outlook for international tankers and believes the current tanker industry fundamentals are the strongest since the mid-1980s. He said New York-based OSG has realized surprisingly solid earnings in very weak market conditions and has yielded about $40 million in cost savings over the past year.