Cantor Fitzgerald Downgrades Genco Shipping (GNK) to Sell, Cuts Price Target by 38%

Cantor Fitzgerald downgraded shares of Genco Shipping (NYSE: GNK) to a Sell rating with a price target of $5.00 from its previous rating of Hold and price target of $8.

Due to the firms new outlook of the shipping industry and current market trends, it is lowering its 2011 EPS and EBITDA estimates on GNK from $0.60 and $223 million to $0.05 and $203 million. For fiscal 2012, the firm lowered its EPS and EBITDA estimate from a loss of $0.48 and $193 million to a loss of $1.02 and $173 million in EBITDA.

Cantor Fitzgerald notes that GNK has a strong management team highly modern and diverse fleet, but believes that shares are just currently overvalued.

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

Shares of Genco Shipping closed at $6.54 yesterday.

---

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

---

You May Also Be Interested In

• Cantor Fitzgerald Starts Nuvation Bio Inc (NUVB) at Overweight
• UBS Downgrades Vicinity Centers (VCX:AU) (CNRAF) to Neutral
• Cantor Fitzgerald Starts Milestone Pharmaceuticals (MIST) at Overweight