Stifel Downgrades Scorpio Bulkers (SALT) to Hold
- S&P 500, Dow set to ease from record levels; Coca-Cola rises on results
- Bitcoin (BTC) Price Fell 20% Off the Highs Over the Weekend as Markets Got 'Too Excited' About Coinbase (COIN), Says Mike Novogratz
- UK to Intervene on National Security Grounds on NVIDIA (NVDA) and Arm Deal
- GameStop (GME) announces George Sherman will be stepping down as CEO
- Dollar slumps to 6-week low, Bitcoin steadies after weekend drop
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Monness, Crespi, Hardt Downgrades Skechers USA (SKX) to Neutral
- EQT AB (EQT:SS) PT Raised to SEK250 at Goldman Sachs
- Stantec Inc. (STN:CN) (STN) PT Raised to Cdn$69 at Canaccord Genuity
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!