Smith Barney came out with a SELL reco on FRO and SFL. For FRO, the guy says

We rate shares of Frontline Sell/Speculative Risk (3S). We believe shares are overvalued
relative to the company's asset base, future earnings power as well as our general outlook for the tanker market. Shares of tanker companies have historically traded close to net asset
value, which is based on transactions in the secondhand market. However, currently FRO
trades well above our net asset value calculation, which we believe is excessive.

It would be interesting to know how the anal-ist would rate TGTLGE (The Goose That Lays Golden Eggs). It would probably have some words to the effect like this:

We evaluate TGTLGE using a sum-of-the-parts methodology. Based on a comparison to other geese, turkeys, and chickens, we find TGTLGE extremely overpriced at $30,000, since comparable fowl sells for under a dollar a pound. While it is notable that TGTLGE periodically lays eggs worth $1,000 each every day and has been for the last several years, we note that the world supply of gold is growing, and there can be no guarantee that the world's gold price will remain high, or that the goose will continue to lay eggs. Therefore, we have determined the fair market value of TGTLGE is at most 5 lbs * $1.00/lb = $5.00.