Cantor Fitzgerald Downgrades DryShips Inc. (DRYS) to Sell, Citing Dilution Risk
DRYS Hot Sheet
Rating Summary:5 Buy, 3 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Cantor Fitzgerald downgrades DryShips Inc. (Nasdaq: DRYS) from Hold to Sell and suspended their price target, citing substantial dilution risk following a $475M equity ATM offering.
The firm said, "While we believe the drillships spin-off could highlight the substantial amount of valued tied up in those assets, we now think that DRYS public shareholders' ability to realize that valuation will be limited by the amount of equity dilution at DRYS and Cardiff Marine's agreement for a 25% stake in Primelead."
For more ratings on DRYS click here.
The firm said, "While we believe the drillships spin-off could highlight the substantial amount of valued tied up in those assets, we now think that DRYS public shareholders' ability to realize that valuation will be limited by the amount of equity dilution at DRYS and Cardiff Marine's agreement for a 25% stake in Primelead."
For more ratings on DRYS click here.
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