Goldman Sachs Lowers Numbers On DryShips (DRYS), Keeps Buy Ahead of Ocean Rig Listing

Goldman Sachs lowered its price target and estimates on DryShips (NASDAQ: DRYS) following results, but is keeping their Buy rating.

The firm cut 2011E/2012E/2013E EPS to $0.56/$0.82/$0.69 from $0.89/$0.86/$0.73. The price target goes from $6.00 to $5.50.

Goldman said the Q2 miss does not reflect the earnings power of the company. They said the results "mostly reflect timing issues as 3 of the 4 new drillships started new contracts in 2Q and did not recognize revenue during mobilization."

They said they expect listing of Ocean Rig shares in September on NASDAQ will unlock value.

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

Shares of DryShips closed at $2.95 yesterday.

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