Deutsche Bank Upgrades Scorpio Bulkers (SALT) to Buy

Deutsche Bank upgraded Scorpio Bulkers (NYSE: SALT) from Hold to Buy with a price target of $7.25.

Analyst Amit Mehrotra said, "We have become incrementally more positive on the outlook for the dry bulk shipping industry. Not because we are bullish on China’s long-term demand for raw materials, but rather because we believe the market bottomed in 2016, and should behave more rationally in 2017 and beyond. We also view balance sheets as largely benign, following highly dilutive equity offerings in 2016 and exponential increases in share counts. Against this backdrop we see SALT as best positioned, and upgrade our rating to Buy from Hold."

For an analyst ratings summary and ratings history on Scorpio Bulkers click here. For more ratings news on Scorpio Bulkers click here.

Shares of Scorpio Bulkers closed at $5.05 yesterday.

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