Cantor Fitzgerald Lowers Price Target On DryShips (DRYS) To $114

Cantor Fitzgerald lowered its price target on DryShips (Nasdaq: DRYS) from $121 to $114. However, Cantor reiterated its Buy rating on DryShips. DRYS disclosed that it issued approximately 4.2 million shares since the end of 2007 and, as a result, shares outstanding increased to 40.9 million shares from 36.7 million at the end of 2007. Therefore, because of the increased share count, the eps will not be as high as Cantor originally forecasted.

Cantor forecasts DryShips 2008 EPS to now be $16.56 down from $18.15. Cantor maintains its Buy rating on DryShips because DRYS is well-positioned to benefit from the strong dry bulk spot environment.

DryShips provides seaborne transportation of dry bulk commodities via a fleet of 35 dry bulk carriers. [JT]

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