FBR Capital Maintains an 'Outperform' on General Maritime (GMR); Recapitalization Complete--General Maritime Dodges a Bullet
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Price: $0.16 --0%
Rating Summary:
1 Buy, 3 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
Rating Summary:
1 Buy, 3 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
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FBR Capital maintains an 'Outperform' on General Maritime (NYSE: GMR)
FBR analyst says, "Our rating has been contingent on a recapitalization and the final solution generally accomplished what it needed to: it offers a one-time balance sheet fix while also preserving upside for common shareholders. With the balance sheet issues now behind the firm, we believe investors will refocus their attention on the upside potential from an improvement in tanker market dynamics."
"As a reminder, the company preannounced certain operating metrics on March 16. Overall it was a poor quarter for General Maritime with the company earning a significant discount to benchmark rates. We have added conservatism to our company-specific rate assumptions but still believe a broad market recovery offers upside to General Maritime's earnings. Our new 2011 and 2012 EPS estimates are ($0.55) and ($0.30), compared to ($0.65) and $0.20, respectively."
For more ratings news on General Maritime click here and for the rating history of General Maritime click here.
Shares of General Maritime closed at $2.05 yesterday.
FBR analyst says, "Our rating has been contingent on a recapitalization and the final solution generally accomplished what it needed to: it offers a one-time balance sheet fix while also preserving upside for common shareholders. With the balance sheet issues now behind the firm, we believe investors will refocus their attention on the upside potential from an improvement in tanker market dynamics."
"As a reminder, the company preannounced certain operating metrics on March 16. Overall it was a poor quarter for General Maritime with the company earning a significant discount to benchmark rates. We have added conservatism to our company-specific rate assumptions but still believe a broad market recovery offers upside to General Maritime's earnings. Our new 2011 and 2012 EPS estimates are ($0.55) and ($0.30), compared to ($0.65) and $0.20, respectively."
For more ratings news on General Maritime click here and for the rating history of General Maritime click here.
Shares of General Maritime closed at $2.05 yesterday.
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