UPDATE: Stifel Upgrades Eneti Inc (NETI) to Buy

Stifel analyst Benjamin J. Nolan upgraded Eneti Inc (NYSE: NETI) from Hold to Buy with a price target of $14.00 (from $20.00).

The analyst comments "This is one of our most begrudging upgrades. We really do like the outlook for offshore wind development, and believe those deploying capital to take advantage of the opportunity should be able to generate good returns, although not without risk. Scorpio Bulkers sold all their dry bulk ships (right before the market improved) to move into the wind installation market to take advantage of that opportunity. However, despite the new business, name, and ticker, the reckless capital destruction that has been a hallmark of the company continued this week with the pricing of a new equity deal last night at $9/share vs the pre-raise price of $14.21/share. Despite the dilution, with shares where they are now, well below our $14 DCF, we are upgrading to a Buy."

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

Shares of Eneti Inc closed at $8.97 yesterday.

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