Cantor Suspends Price Target on DryShips (DRYS) Given Near-Term Dilution

Analysts at Cantor Fitzgerald suspended their $8 price target on DryShips (Nasdaq: DRYS) this morning, citing "the significant and uncertain amount of shareholder dilution expected over the near-term..." The firm maintains its Sell rating on shares of DryShips. Notably, Cantor just downgraded the stock from Hold to Sell on January 22.

The firm notes that recent announcements out of DryShips ($500 million equity offering, issues with buying/selling several Panamax vessels) have clouded the company's near-term outlook. The Cantor analysts moved their FY09 EPS estimate on DryShips from $1.99 to $1.23.

Shares of DryShips are down about 21% today, most recently trading at $6.78. The stock has fallen by more than 44% in the last 2 days of trading on the news mentioned above.

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