FBR Capital Reiterates an 'Outperform' on Eagle Bulk Shipping (EGLE), Citing Small-Vessel Demand Rebound; Korea Line Renegotiation Complete
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Price: $48.70 --0%
Rating Summary:
4 Buy, 10 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 8 | New: 36
Rating Summary:
4 Buy, 10 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 8 | New: 36
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FBR Capital reiterates an 'Outperform' on Eagle Bulk Shipping (NASDAQ: EGLE), PT $6.
FBR analyst says, "EGLE recently announced the renegotiation of its contracts with Korea Line. The new contracts have a lower floor rate but enhanced profitsharing arrangements versus the previous contracts. We believe the resolution of the Korea Line contract renegotiation removes an overhang for EGLE and paves the way for a rebound in the stock as Supramax day rates remain firm from a worldwide recovery in minor bulk demand and a strong Western Hemisphere export grain season."
"We are decreasing our 2011 EPS estimate to $0.45 from $0.60 due to our new assumption of day rates of $15,000 per day for the vessels Eagle rechartered from Korea Line for 1H11." (FY12 maintained at $0.70)
For more ratings news on Eagle Bulk Shipping click here and for the rating history of Eagle Bulk Shipping click here.
Shares of Eagle Bulk Shipping closed at $3.93 yesterday.
FBR analyst says, "EGLE recently announced the renegotiation of its contracts with Korea Line. The new contracts have a lower floor rate but enhanced profitsharing arrangements versus the previous contracts. We believe the resolution of the Korea Line contract renegotiation removes an overhang for EGLE and paves the way for a rebound in the stock as Supramax day rates remain firm from a worldwide recovery in minor bulk demand and a strong Western Hemisphere export grain season."
"We are decreasing our 2011 EPS estimate to $0.45 from $0.60 due to our new assumption of day rates of $15,000 per day for the vessels Eagle rechartered from Korea Line for 1H11." (FY12 maintained at $0.70)
For more ratings news on Eagle Bulk Shipping click here and for the rating history of Eagle Bulk Shipping click here.
Shares of Eagle Bulk Shipping closed at $3.93 yesterday.
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