UPDATE: Jefferies Assumes Eagle Bulk Shipping (EGLE) at Buy

Jefferies analyst Omar Nokta assumes coverage on Eagle Bulk Shipping (NASDAQ: EGLE) with a Buy rating and a price target of $64.00.

The analyst comments "We are initiating coverage of Eagle Bulk with a Buy rating and $64 target. Eagle is one of the largest Ultramax/Supramax operators in the world and stands as the fourth largest owner of such vessels globally. It is a pure-play company specializing in this vessel segment, which has paid off handsomely over the past 12-18 months. Strong demand for minor bulks in particular has supported the Ultramax/Supramax classes and has led to a continued outperformance in terms of charter rates. Spot Supramax rates have averaged a strong $26,000/day so far in 2022, higher than the larger Panamaxes which have averaged $23,000/day and Capes which have averaged $18,000/day. The return relative to capital intensity is significant, boosted even more so by the scrubbers installed on the vast majority of its ships."

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 $51.52 yesterday.

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