UPDATE: DNB Markets Initiates Knot Offshore Partners at Buy on Strong Growth Case

In a report published on Thursday, DNB Markets analyst Nicolay Dyvik initiated coverage on Knot Offshore Partners (NYSE: KNOP) with a recommendation of Buy and a price target of $27.40.

In the report, DNB Markets noted, "KNOP offers a young fleet, a market-leading position, solid long-term contracts and a built-in growth case. We see strong growth in the shuttle tanker sector, with new deepwater fields and new FPSOs as the two main drivers."

Knot Offshore Partners closed on Wednesday at $24.02.