Stifel Downgrades Scorpio Bulkers (SALT) to Hold
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Stifel analyst Benjamin J. Nolan downgraded Scorpio Bulkers (NYSE: SALT) from Buy to Hold with a price target of $18.00 (from $20.00).
The analyst comments "We are downgrading SALT as ship sales have forced closed much of the valuation gap leaving less upside for the shares today. We estimate that the company's NAV is ~$24/share, but with the likelihood that the company won't make a profit again until 2024 at the earliest, we believe the company deserves to trade at a discount to that NAV estimate. Longer-term there may be upside potential with success in the wind installation business, but it may be several years before there are any actionable ideas with respect to catalysts for the shares. As a result, we are downgrading to a Hold."
Shares of Scorpio Bulkers closed at $16.77 yesterday.
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