UPDATE: Jefferies Upgrades Eneti Inc (NETI) to Buy as s Upside Catalysts Outweigh Downside Risks
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Jefferies analyst Randy Giveans upgraded Eneti Inc (NYSE: NETI) from Hold to Buy with a price target of $10.00 (from $21.00).
The analyst commented, "NETI continues to pursue growth and recently announced it would exercise its option to construct a second foreign-flag WTIV vessel with Daewoo. Additionally, NETI completed a secondary offering of 19 MM shares, raising $175 MM to partially finance its upcoming WTIV newbuildings, and recently announced a new employment contract for the Seajacks Scylla in 2023. We are upgrading to Buy with a $10 PT due to Eneti's ESG/renewable focus coupled with upside catalysts."
Shares of Eneti Inc closed at $7.24 yesterday.
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