Deutsche Bank Upgrades Eagle Bulk Shipping (EGLE) to Hold; Fairly Priced at Current Levels

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EGLE Hot Sheet

Rating Summary:
0 Buy, 5 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23

Deutsche Bank upgraded Eagle Bulk Shipping (NASDAQ: EGLE) from Sell to Hold with a price target of $1.00.

Deutsche analyst says, "We are upgrading EGLE as the stock is now trading near our target price of $1. While EGLE operates one of the industry’s most desired, homogenous and modern fleets, high leverage and charter risk concentration plague the company. EGLE is still working with lenders to find a long-term solution to its covenants and boost its liquidity position. However, EGLE’s revolving loan facility will also start to amortize this year, pressuring free cash flow. Debt amortization will likely be addressed in any lender negotiation. However, we believe that much of this risk has been priced into the shares at $1, and we are moving to the sidelines."

For an analyst ratings summary and ratings history on Eagle Bulk Shipping click here. For more ratings news on Eagle Bulk Shipping click here.

Shares of Eagle Bulk Shipping closed at $1.32 yesterday, with a 52 week range of $0.88-$4.72.

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