Diana Shipping (DSX) PT Raised to $4 at Stifel
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Stifel analyst Benjamin J. Nolan raised the price target on Diana Shipping (NYSE: DSX) to $4.00 (from $3.50) while maintaining a Buy rating.
The analyst comments "Diana reported its 4Q20 results which came in slightly below our and the consensus estimates as vessel opex increased due to COVID-related protocols. However, it should have a minimal impact as investors will likely remain focused on the positive developments of the dry bulk space. The reopening of the global economy has propelled the bulk market higher as demand for underlying commodities has materially increased. With the orderbook ratios at historic lows, vaccinations ramping, and a potentially inflationary environment on the horizon, we believe the dry bulk market is in the early innings of a multi-year recovery. The shares are trading at 71% of NAV and as charter contracts roll over and are likely booked at substantially higher levels, we believe DSX shares should re-rate higher thus we would continue to be buyers at these levels."
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