UPDATE: Dahlman Rose Reiterates Buy Rating, Lowers PT on Teekay Tankers

In a report published Monday, Dahlman Rose & Co. reiterated its Buy rating on Teekay Tankers (NYSE: TNK), but lowered its price target from $9.00 to $5.50.

Dahlman Rose noted, “We are tweaking our estimates to reflect management's guidance on the 2Q12 earnings conference call and presentation. The company has booked ~40% of its available Suezmax and Aframax days during the third quarter at ~$14,000/day and ~$11,800/day, respectively. While the company still has a substantial amount of its third quarter days open, we do not expect a meaningful improvement in the spot market during the period.”

Teekay Tankers closed on Friday at $4.09.