UBS Downgrades Scorpio Bulkers (SALT) to Sell

UBS downgraded Scorpio Bulkers (NYSE: SALT) from Neutral to Sell with a price target of $3.50 following strong run since last equity issuance.

Analyst Spiro Dounis commented, "SALT has traded up roughly 33% since March 17th, following its recent equity offering, and now trades at a premium to NAV (1.1x). While the offering helped extend SALT's runway, we continue believe a recovery of the bulker market may be years away. Accordingly, we struggle to ascribe a premium valuation to a stock with ongoing headwind and a cash runway overhang."

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 $3.86 yesterday.

You May Also Be Interested In

• Freedom Broker Double Downgrades Mosaic (MOS) to Sell
• Cellebrite (CLBT) PT Lowered to $15 at TD Cowen
• STAAR Surgical (STAA) PT Lowered to $28 at Jefferies