Genco Shipping price target raised to $27 from $25 at Alliance Global Partners

Alliance Global Partners raised the firm’s price target on Genco Shipping to $27 from $25 and keeps a Buy rating on the shares. While the near-term dry bulk market outlook is a bit mixed, the dry bulk supply outlook is supported by the aging fleet profile and moderate order book, says the analyst, who adds that the intermediate term outlook for the dry bulk market remains favorable due to low supply growth driven by a low new build order book.