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Why Frontline plc (FRO) Is Skyrocketing

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Why Frontline plc (FRO) Is Skyrocketing

We recently published a list of 10 Firms Post Strong Gains Amid Wall Street Bloodbath. In this article, we are going to take a look at where Frontline plc (NYSE:FRO) stands against other firms post strong gains amid Wall Street bloodbath.

Wall Street’s main indices closed sharply in the red on Tuesday, as investors shifted to other higher-yielding assets following better Treasury yields.

The Nasdaq Composite led the drop, losing 1.89 percent, followed by the S&P 500 declining 1.11 percent. Meanwhile, the Dow Jones dipped by 0.42 percent.

Meanwhile, let us look at the ten firms that bucked an overall broader market downturn and posted notable gains and explore why.

To come up with Tuesday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

Is Frontline Plc (FRO) Firm Posts Strong Gain Amid Wall Street Bloodbath?

A fleet of oil tankers sailing across the open sea under a clear sky.

Shares of Frontline plc (NYSE:FRO) jumped by 11.42 percent on Monday, adding $1.63 to close at $15.9 apiece as investors resorted to bargain-hunting as the company continues to trade near its 52-week low of $13.17.

Despite the lack of further developments to perk up buying, several analysts posted a bullish outlook on the company.

Just recently, it earned a “strong buy” rating from Fearnley Fonds.

Jefferies Financial Group, while lowering its target price on Frontline (NYSE:FRO) shares from $26.00 to $20.00, has set a “buy” rating on the stock, indicating a positive outlook.

Finally, BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company.

Frontline plc (NYSE:FRO) is a company engaged in seaborne transportation of crude oil and refined products. The company owns and operates one of the largest and most modern fleets in the industry, consisting of VLCCs, Suezmax tankers, and LR2/Aframax tankers.

Overall, FRO ranks 5th on our list of firms post strong gains amid Wall Street bloodbath. While we acknowledge the potential of FRO as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than FRO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure: None. This article is originally published at Insider Monkey.

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