Cantor Fitzgerald Downgrades General Maritime Corp (GMR) to Hold; Weak Tanker Market Weighs Heavily
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Cantor Fitzgerald downgrades General Maritime Corporation (NYSE: GMR) from Buy to Hold. PT lowered from $7 to $5.
Cantor analyst says, "We lower our 2010 EPS and EBITDA forecasts to ($0.81) (from ($0.47)) and $120 million (from $145 million, respectively. We generally maintain our 2011 EPS forecast of ($0.13) and EBITDA estimate of $198 million. Our new estimates are based upon our revised tanker rate forecast and outlook...While we suggest General Maritime's experienced management team and large, modern and diverse fleet are attractive, we believe the company's high spot exposure could negatively impact earnings in the near-term if the current depressed tanker market environment persists."
To see all the upgrades/downgrades on shares of GMR, visit our Analyst Ratings page.
The 52-wk trading range is $4.05 - 8.95 and shares finished at $4.07 last week.
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