UPDATE: Jefferies Initiates Coverage on Ardmore Shipping on Attractive Energy Production Play

In a report published Monday, Jefferies analyst Douglas J. Mavrinac initiated coverage on Ardmore Shipping Corporation (NYSE: ASC) with a Buy rating and $20.00 price target.

In the report, Jefferies noted, “We are initiating on ASC shares with a Buy rating and $20 PT based on the attractiveness of the refined product tanker industry and Ardmore's attractive positioning within the industry, including the Company's 100% 'Eco' fleet and significant growth plans with capacity set to triple by YE2015. Jefferies served as a joint bookrunner on the Company's recent IPO.”

Ardmore Shipping Corporation closed on Friday at $13.71.