Cantor Fitzgerald Reiterates Buy on DryShips (DRYS); Raises Estimates
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Cantor Fitzgerald reiterates its Buy rating and $114 price target on DryShips (Nasdaq: DRYS).
The firm said it raised its Q1 estimates in order to reflect "a higher spot rate assumption for DryShips' Capesize and Panamax carriers." Cantor now expects Capesize to generate $108,000 per vessel/day, compared to its previous estimate of $100,000 per vessel/day, and Panamax to generate $60,000 per vessel/day, versus its previous estimate of $55,000 per vessel/day.
Accordingly, the firm raises its Q1 EPS estimate on DryShips about 8% from $3.83 to $4.13.
Notably, Cantor's $114 price target on DryShips represents a 62% potential return from current levels around $70.
DryShips, Inc. engages in the ownership and operation of drybulk carriers worldwide. [BCS]
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