Jefferies downgraded Eagle Bulk Shipping (EGLE) to Hold from Buy with an unchanged price target of $55. Red Sea diversions are on the rise and are having a significant impact on vessel capacity, the analyst tells investors in a research note. The firm anticipates record Q4 results from liquefied petroleum gas players, sequentially stronger results for tankers and dry bulk, steady earnings for liquified natural gas and weak results for containers “though coupled with improved guidance.” Jefferies says Eagle Bulk shares appear to fully-price in the all-stock merger offer from Star Bulk Carriers (SBLK).
Protect Your Portfolio Against Market Uncertainty
- Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter.
- Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on EGLE:
- Eagle Bulk Shipping downgraded to Hold from Buy at Stifel
- GK Investor nominates two candidates for election to Genco board
- BTIG sees challenging year for drybulk stocks, downgrades three
- Eagle Bulk Shipping downgraded to Neutral from Buy at BTIG
- Red Sea attacks force rerouting of shipping vessels, Reuters reports