Jefferies Raises Price Target on Star Bulk Carriers (SBLK) Following 2Q EPS Beat

September 16, 2016 8:01 AM EDT
Get Alerts SBLK Hot Sheet
Price: $9.06 +9.42%

Rating Summary:
    5 Buy, 7 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Jefferies reiterated a Buy rating on Star Bulk Carriers (NASDAQ: SBLK), and raised the price target to $6.00 (from $5.00), following the company's 2Q earnings report. SBLK reported adjusted EPS loss of ($0.69), which was ahead of the Street's estimate of ($0.74).

Analyst Douglas Mavrinac commented, "Yesterday after the market close, Star Bulk reported an adjusted 2Q16 EPS loss of $0.69, which was better than both Street consensus of an EPS loss of $0.74 and our estimate of an EPS loss of $0.96 primarily due to better than expected charter rates and lower than expected vessel opex. Importantly, Star Bulk also announced a deft deferral and equity raise, which defers the Company's next amortization payment until 2H18."

For an analyst ratings summary and ratings history on Star Bulk Carriers click here. For more ratings news on Star Bulk Carriers click here.

Shares of Star Bulk Carriers closed at $4.39 yesterday.

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