Wells Fargo Upgrades DryShips (DRYS) to Outperform
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Price: $5.24 --0%
Rating Summary:
3 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
3 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Wells Fargo upgraded DryShips (NASDAQ: DRYS) from Market Perform to Outperform with a $5-$6 valuation range.
The firm said pending US listing of drillship subsidiary Ocean Rig shares may unlock value for shareholders.
"Shares have traded off 31% YTD, largely on the back of the weak dry bulk market and DRYS' entry into the struggling tanker market to the point that we now believe shares are considerably oversold," the analyst said.
While the firm is still cautious about the prospects of a long-term investment due to its track record of related party transactions and dilutive equity offerings "we believe recent weakness has created an attractive near-term value proposition, with potential late June/July listing of Ocean Rig likely acting as a stock specific catalyst."
For more ratings news on DryShips click here and for the rating history of DryShips click here.
Shares of DryShips closed at $3.76 yesterday.
The firm said pending US listing of drillship subsidiary Ocean Rig shares may unlock value for shareholders.
"Shares have traded off 31% YTD, largely on the back of the weak dry bulk market and DRYS' entry into the struggling tanker market to the point that we now believe shares are considerably oversold," the analyst said.
While the firm is still cautious about the prospects of a long-term investment due to its track record of related party transactions and dilutive equity offerings "we believe recent weakness has created an attractive near-term value proposition, with potential late June/July listing of Ocean Rig likely acting as a stock specific catalyst."
For more ratings news on DryShips click here and for the rating history of DryShips click here.
Shares of DryShips closed at $3.76 yesterday.
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