Cantor Fitzgerald Downgrades Overseas Shipholding Group (OSG) to Sell
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Cantor Fitzgerald downgrades Overseas Shipholding Group (NYSE: OSG) from Hold to Sell. Price target lowered to $31 from $33.
Cantor analyst says, "We now look for the company to report 2010 EPS and EBITDA of ($0.24) and $237 million (from $2.20 and $303 million), respectively. Our 2009 estimates are unchanged...We continue to believe that OSG's strong balance sheet and diversified fleet profile should allow them to potentially take advantage of any distressed opportunities that may arise in this downturn. However, we suggest that the weak tanker rate environment and the company's high operating leverage could impact earnings negatively over the near-term. Furthermore, we suggest valuation fundamentals do not support the recent increase in the stock price."
To see more analyst ratings on OSG Click Here.
Overseas Shipholding Group, Inc., a bulk shipping company, engages primarily in the ocean transportation of crude oil and petroleum products.
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