Genco Shipping initiated with a Buy at Deutsche Bank

Deutsche Bank initiated coverage of Genco Shipping with a Buy rating and $22 price target. The company, which ended the most recent quarter with $42.3M in cash on the balance sheet and has access to about $330M of added liquidity under its revolving credit facility, has “one of the strongest balance sheets in the industry” with an estimated net-loan-to-value of about 5%, the analyst tells investors. The firm, which believes the company will continue to pay down debt until it reaches net-debt-zero, adds that Genco has “a prudent dividend policy.”