Credit Suisse downgraded Safe Bulkers (NYSE: SB) from Outperform to Neutral with a price target of $4.00 (from $12.00).

Analyst G. Lewis notes the BDI was down 8% Y-Y in 2014 posting its second worst year in 15 years. Also BDI has started 2015 average 637, on pace to average its lowest year ever. The previous lows was 715 in 1986.

Estimates were cut accordingly.

For an analyst ratings summary and ratings history on Safe Bulkers click here. For more ratings news on Safe Bulkers click here.

Shares of Safe Bulkers closed at $3.73 yesterday.