UBS Maintains a 'Neutral' on Paragon Shipping (PRGN); Updating Price Target and Estimates

UBS maintains a 'Neutral' on Paragon Shipping Inc. (NYSE: PRGN) price target raised from $0.75 to $0.90.

UBS analyst says, "Despite the release of its Q4/11 earnings, the write down to market value of the carrying amount of six of its vessels, and its most recently announced new time charters, we are updating our forecasts for Paragon. Our 2012 EPS estimate is slightly higher at a loss of $0.14 (from -$0.16); 2013 drops from -$0.06 to -$0.10."

"In our view, the weak sector fundamentals of the past several quarters are likely to continue through 2012...Despite our unenthusiastic outlook for 2012, we expect a marked improvement in the dry bulk shipping supply/demand imbalance in 2013, driving stronger freight rates and vessel market values."

For an analyst ratings summary and ratings history on Paragon Shipping Inc. click here. For more ratings news on Paragon Shipping Inc. click here.

Shares of Paragon Shipping Inc. closed at $0.86 yesterday.

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