TOP Ships upgraded to Buy from Hold at Maxim

Maxim upgraded TOP Ships to Buy from Hold with a $2.50 price target. The analyst is citing higher contracts for eight of the company’s tanker ships in 2025 and expectations that higher contracts for the global tanker fleet before 2025 will increase the value of TOPS‘ ships. The firm further cites its outlook for higher 2024 EBITDA on lower operating costs while noting that the stock trades at 0.2-times its first-half book value per share estimate of $3.73.