Wells Fargo Downgrades Eagle Bulk Shipping (EGLE) to Underperform; Market Exposure Continues To Climb

Wells Fargo downgraded Eagle Bulk Shipping (NASDAQ: EGLE) from Outperform to Underperform. Valuation range lowered to $1.50-$2 from $6-$7.

Wells analyst says, "...we have lowered our 2011E EGLE EPS to -$0.29 (from
$0.39), primarily due to reduced day rate estimates across dry bulk asset classes and we are introducing our 2012 EPS estimate of -$0.38. Our 2011 EBITDA estimate has been lowered by $45 million to $105 million and we are introducing our 2012 EBITDA estimate of $111 million. Company-specific risks include significant financial leverage and exposure to volatile day rates and asset values. Sector risks include a slowdown in Chinese commodity demand, increasing capacity, and marine disasters."

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 $2.72 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
• HSBC Downgrades Cisco (CSCO) to Hold
• Lake Street Downgrades SoundThinking (SSTI) to Hold