Jefferies Cuts Price Target on SafeBulkers (SB) Post Q3

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Jefferies cut its price target on Safe Bulkers (NYSE: SB) from $6 to $4 following Q3 results. They maintained a Hold rating.

The firm comments, "...Safe Bulkers reported adjusted 3Q12 EPS of $0.30 which was better than both Street consensus of $0.29 and our estimate of $0.27 primarily due to higher than expected charter rates earned during the quarter and lower than expected vessel operating expenses incurred during the quarter."

The firm raised FY12 EPS from $1.15 to $1.18 and cut FY13 from $1.32 to $1.09.

For an analyst ratings summary and ratings history on Safe Bulkers click here. For more ratings news on Safe Bulkers click here.

Shares of Safe Bulkers closed at $3.66 yesterday, with a 52 week range of $3.23-$7.73.

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