Deutsche Bank Downgrades DryShips (DRYS) to Hold; Discount To NAV Likely To Persist

August 2, 2012 6:56 AM EDT Send to a Friend
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Price: $1.44 -0.69%

Rating Summary:
    5 Buy, 5 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 8 | Down: 12 | New: 23
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Deutsche Bank downgraded DryShips (NASDAQ: DRYS) from Buy to Hold, price target lowered to $2.50.

Deutsche analyst said, "We are downgrading DRYS to Hold-rated given what we believe will be a continued discount to its current charter-free net-asset-value. We expect weak dry bulk and tanker rates to persists, and see further asset value downside on DRYS' shipping fleet, despite the substantial value of its stake in ORIG. An unfunded orderbook, related party transactions and speculation on new investments outside of DRYS' current sector exposures also weigh on share price and investor sentiment."

Introduces 2012/2013 EPS estimate of -0.11 and $0.12, respectively.

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

Shares of DryShips closed at $2.19 yesterday.


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