Cantor Fitzgerald Reiterates Buy on Genco Shipping (GNK); Ups PT to $95
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Cantor Fitzgerald reiterates its Buy rating on Genco Shipping & Trading (NYSE: GNK) and raises its price target from $92 to $95.
The firm said its raised target comes following Genco's announcement this morning that it acquired three dry bulk vessels for $257 million. Cantor called this transaction "highly accretive" to Genco's earnings and EBITDA basis.
Cantor raised its FY08 EPS estimate from $7.14 to $7.95 and FY09 estimate from $8.70 to $9.76. The Street is expecting FY08 and FY09 EPS of $6.97 and $8.25, respectively.
Genco Shipping & Trading Limited engages in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. [BCS]
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