Deutsche Bank Downgrades Diana Shipping (DSX) to Hold

September 13, 2013 7:46 AM EDT
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Price: $4.17 +0.72%

Rating Summary:
    3 Buy, 14 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 19 | New: 11
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Deutsche Bank downgraded Diana Shipping (NYSE: DSX) from Buy to Hold with a price target of $12.00. The downgrade was included in broader coverage on the group. Analyst Justin Yagerman sees a near-term peak in dry bulk.

"While we still expect the dry bulk market to recover over the next several years, the recent Cape-led rate rally may only be temporary as Q1 rates will likely see a seasonal decline and rates may be near their near-to-medium term peaks. Smaller bulkers continue to underperform and we see only modest improvement on grain volumes in Q4 2013," said Yagerman.

"We are downgrading DSX to Hold-rated from Buy as recent share price gains have driven the stock to our $12 price target. While the company retains a strong balance sheet and will continue to grow its fleet, we are not increasing our current 12.0x EBITDA multiple on 2014 EBITDA," he added.

For an analyst ratings summary and ratings history on Diana Shipping click here. For more ratings news on Diana Shipping click here.

Shares of Diana Shipping closed at $12.04 yesterday.

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