Deutsche Bank Downgrades Eagle Bulk Shipping (EGLE) to Sell; Oversupply Likely Keeps Pressure On Rates And Values

Deutsche Bank downgraded Eagle Bulk Shipping (NASDAQ: EGLE) from Hold to Sell, price target lowered from $3 to $1.

Deutsche analyst says, "We are downgrading shares of EGLE to Sell given our outlook for continued persistent weak rates through 2012 and the possibility for dilutive capital raises or undesirable asset sales. Capital raises or asset sales could result from an unsuccessful outcome of a dispute with its lender group, which in turn could force EGLE to partially pay down its debt. In addition, if rates remain weak for a prolonged period of time, EGLE could face liquidity constraints."

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 $2.63 yesterday.

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