Cantor Fitzgerald Reiterates Buy on Paragon Shipping (PRGN); Ups PT to $27
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Cantor Fitzgerald reiterates its Buy rating on Paragon Shipping (Nasdaq: PRGN) and boosts its price target from $25 to $27.
Following this morning's announcement that Paragon agreed to purchase a new Supramax dry bulk carrier for $79 million, the firm raised its earnings estimates on Paragon. If the company receives the vessel by August 1, Canaccord sees FY08 EPS of $2.18, up from $2.04, and FY09 EPS of $2.52, up from $2.28. The Street estimates are $2.04 for FY08 and $2.29 for FY09.
Paragon Shipping, Inc. engages in the ocean transportation of cargoes worldwide, through the ownership and operation of bulk carrier vessels.
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