UPDATE: Credit Suisse Upgrades Teekay on Significant Upside Over Next Year

In a report published Thursday, Credit Suisse analyst Gregory Lewis upgraded the rating on Teekay (NYSE: TK) from Neutral to Outperform, and raised the price target from $56.00 to $80.00.

In the report, Credit Suisse noted, “While the stock is up 15% YTD and 27% the last 3 months (we missed that move) we still see significant upside over the next year as asset dropdowns (4 FPSOs) drive TKs General Partnership (GP) interest in TOO higher. Additionally, an asset-free TK is in sight, which should pave the way for dividend growth at TK tied to its GPs (TOO, TGP).”

Teekay closed on Wednesday at $55.76.