Wells Fargo Downgrades Excel Maritime (EXM) to Underperform; Exposure To The Weak Rate Environment Continues

Wells Fargo downgraded Excel Maritime (NYSE: EXM) from Market Perform to Underperform. Valuation range lowered to $1.50-$2 from $4-$5.

Wells analyst says, "...we have lowered our 2011 and 2012 EXM EPS estimates to - $0.40 (from -$0.23) and -$0.93 (from -$0.37), primarily due to reduced day rate estimates across the dry bulk asset classes. Our 2011 and 2012 EBITDA estimates decline by $18 million and $76 million to $162 million and $104 million, respectively. Risks include significant financial leverage and exposure to volatile day rates."

For more ratings news on Excel Maritime click here and for the rating history of Excel Maritime click here.

Shares of Excel Maritime closed at $2.83 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Wells Fargo Downgrades Roku Inc. (ROKU) to Equal Weight
• DA Davidson Downgrades Blaize Inc. (BZAI) to Neutral
• Goldman Sachs Downgrades Douglas AG (DOU:GR) to Sell