Cantor Fitzgerald Downgrades FreeSeas Inc. (FREE) to Sell, Cuts Price Target to $1

Cantor Fitzgerald downgraded shares of FreeSeas Inc. (NASDAQ: FREE) to a Sell rating with a price target of $1.00 from its previous rating of Hold and price target of $2.50.

The firm is forecasting that FREE will release its 2011 earnings with EPS loss of $1.29 and EBITDA of $9 million, down from its earlier estimates of a loss of $0.88 and EBITDA of $12 million. Cantor Fitzgerald also cut its 2012 EPS and EBITDA estimates from a loss of $0.46 and $15 million to a loss of $0.94 and $12 million.

Cantor Fitzgerald announced that its new estimates are due to current market trends and their outlook on the industry and company as a whole. The firm believes that FREE's aging fleet profile, high leverage, and unfixed capacity could weigh on profitability going forward.

For more ratings news on FreeSeas Inc. click here and for the rating history of FreeSeas Inc. click here.

Shares of FreeSeas Inc. closed at $1.82 yesterday.

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