Wells Fargo Downgrades Diana Shipping (DSX) to Underperform; Will Be Hit Hard By Charter Roll Offs

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July 22, 2011 7:10 AM EDT
Get Alerts DSX Hot Sheet
Price: $2.48 +0.40%

Rating Summary:
    5 Buy, 12 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 14 | New: 11
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Wells Fargo downgraded Diana Shipping (NYSE: DSX) from Market Perform to Underperform. Valuation range lowered to $7-8 from $12-13.

Wells analyst says, "...we believe DSX’s cash flow will eventually come under pressure from its increasing exposure to the weak dry bulk market. While DSX does not have the same kind of imminent covenant issues or eventual refinancing/default risk shared by many of its peers, we still expect shares to trade lower with the rest of the group, particularly as its EBITDA is eroded by charter roll-offs."

For more ratings news on Diana Shipping click here and for the rating history of Diana Shipping click here.

Shares of Diana Shipping closed at $10.46 yesterday.

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