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Wells Fargo Downgrades Seaspan (SSW), Diana Containerships (DCIX), and Diana Shipping (DSX)

November 20, 2015 7:39 AM EST
Get Alerts SSW Hot Sheet
Price: $9.91 --0%

Rating Summary:
    2 Buy, 7 Hold, 6 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Wells Fargo downgraded Seaspan (NYSE: SSW) from Outperform to Market Perform with a price target of $14-$16 (from $18-$20).

Diana Containerships (NASDAQ: DCIX) was downgraded to Underperform from Market Perform with a price target of $0.75-$1 (from $2-3), and Diana Shipping (NYSE: DSX) was downgraded to Market Perform from Outperform with a price target of $5-6 (from $7-$8).

Analyst Michael Webber said, "Within the Containership space, we’re sellers of owners with significant intermediate-term market exposure (DCIX), and we’re on the sidelines for longer-term players (SSW & CMRE) who are unlikely to see their risk premiums narrow as fundamentals worsen outside of their insulated charter portfolios."

Discussing dry bulk, the analyst said, "While we believe DSX is still the best house on the dry bulk block, with a relatively solid balance sheet (21.8% net-debt to cap), large operating platform, and modern fleet) the relentlessly weak Dry Bulk market continues to take its toll on the group, with commodity upheaval, lackluster demand, and supply pressure likely kicking any sustainable recovery out by several years."

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

Shares of Seaspan closed at $15.24 yesterday.



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