EuroDry price target lowered to $34 from $36 at Maxim

Maxim analyst Tate Sullivan lowered the firm’s price target on EuroDry to $34 from $36 and keeps a Buy rating on the shares. The analyst is reducing his forecasts to account for lower shipping rates through the quarter and due to rising drydocking costs between contracts and higher expenses. Sullivan adds however that despite the sharp decline in shipping rates, he remains at Buy on the stock based on management’s experience in the dry bulk shipping sector through cycles.